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D. The Developer has encountered financial difficulties, has not been able to <br />proceed with the development of Ramsey Town Center,~and has not <br />responded to the City's exercise of the City Option. <br />E. PSD is wilting to assist the City with the development of Ramsey Town <br />Center as a whole and the Option Property in particular. The City desires <br />the assistance of PSD with respect to such development. <br />Now therefore, in consideration of the foregoing Recitals, the mutual <br />promises and covenants contained herein, and other good and valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />parties agree as follows: <br />AGREEMENT <br />1. The City hereby grants to PSD the exclusive option to develop the Option <br />Property, or portions thereof, either alone or in conjunction with the City, for uses <br />consisting of some or all of a hotel, health club/fitness center, cinemas, retail <br />stores, apartments, condominiums, community center or any other use approved <br />by the City. <br />2. The terms and conditions governing the participation of PSD in the <br />development of the Option Property shall be agreed to between the City and <br />PSD in conjunction with the development of a site plan- describing that <br />development. <br />3. Notices hereunder shall be given in writing, delivered or mailed to the <br />parties at the addresses set forth in the introductory paragraph of this <br />Agreement, and shall be effective upon receipt or refusal. <br />The balance of this page intentionally left blank] <br />-2- <br />