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RELEASE OF PLANNED UNIT DEVELOPMENT AGREEMENT <br />THIS INSTRUMENT is made as of this day of , 2015, by the City <br />of Elk River, a Minnesota municipal corporation (the "City "). <br />WITNESSETH: <br />WHEREAS, the City is party to an agreement entitled Planned Unit Development <br />Agreement — Elk River Crossing dated December 21, 1999 and recorded January 3, 2000 with the <br />Sherburne County Recorder as Document No. 405505 (the "PUD Agreement "); and <br />WHEREAS, the PUD Agreement includes Lot 2, Block 1, Elk River Crossing, Sixth <br />Addition (the "Property ") as part of the planned unit development; and <br />WHEREAS, on April 16, 2012, the City Council adopted Ordinance No. 12 -07 that <br />rezoned the Property from "PUD Planned Unit Development" to `BP Business Park;" and <br />WHEREAS, the City's intent in rezoning the Property was that it no longer be a part of the <br />planned unit development; and <br />WHEREAS, the owner of the Property, Envision Company, LLC has requested that the <br />City officially release the Property from the PUD Agreement; and <br />WHEREAS, at its meeting on April 6, 2015, the City Council approved the release of the <br />Property from the PUD Agreement; and <br />NOW, THEREFORE, on the basis of the above, the City hereby releases the Property <br />from the PUD Agreement. The terms and conditions of the PUD Agreement shall remain in full <br />force and effect with respect all other properties set forth in the PUD Agreement that have not been <br />released. <br />458967vl SJS EL185 -31 <br />