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CITY OF RAMSEY <br />DEVELOPMENT AGREEMENT FOR WATERFRONT VILLAGE 3" ADDITION <br />This Agreement (hereinafter the "Agreement") is dated as of this 24th day of March, 2026 and is <br />by and between the CITY OF RAMSEY, a Minnesota municipal corporation (the "CITY") and Centra <br />Ramsey Waterfront Village 1, LLC, a Limited Liability Company or its wholly controlled affiliate, under <br />the laws of Minnesota (the "PERMITTEE"). <br />Recitals <br />A. The PERMITTEE is the owner of land legally described on the attached Exhibit <br />A (the "Subject Property"). <br />B. The PERMITTEE has received approval from the CITY to subdivide the <br />Subject Property and plat the same as Waterfront Village 3' Addition (the "Plat"). <br />Agreement <br />1. Recitals. Recitals incorporated. The recitals stated above are hereby incorporated into this <br />Agreement and are made part of this Agreement by reference. <br />2. Conditions of Approval. The CITY has approved the Plat subject to satisfaction of the <br />following conditions subsequent: <br />a. The PERMITTEE'S Execution of this Agreement. That the PERMITTEE <br />enters into this Agreement. <br />b. Marketable Title. That prior to recording the Plat, the PERMITTEE shall provide <br />the CITY with proof of marketable title to the Subject Property either through a <br />currently certified abstract, registered property abstract or title insurance <br />commitment or policy. <br />Waterfront Village 3'd Addition <br />Development Agreement <br />Page 1 of 13 <br />