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DEVELOPMENT AGREEMENT <br /> FOR <br /> Riverplace Second Addition <br /> THIS AGREEMENT (the Agreement), made and entered into this 6th day of August, 2018, by and <br /> between the CITY OF ELK RIVER, a municipal corporation organized under the laws of the State of <br /> Minnesota (the City), and ROYAL OAKS REALTY,INC (the Developer). <br /> WITNESSETH: <br /> WHEREAS, the Developer has made application to the City for approval of a final plat of land <br /> within the City described on Exhibit A attached hereto (the Subdivision); and <br /> WHEREAS,the City Council adopted Resolution No. 18-44 on July 16,2018, (attached as Exhibit A <br /> hereto) granting final plat approval to the Subdivisions, subject to several conditions, including a condition <br /> that Developer enter into an agreement with the City governing the provision of certain utilities, services and <br /> facilities to the Subdivision and the transfer of certain land interests and payments to the City, so as to fully <br /> comply with the Subdivision Ordinance; <br /> NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions <br /> hereinafter contained,it is hereby agreed as follows: <br /> 1. Warranty of Developer. Developer hereby warrants and represents to the City, as <br /> inducement to the City's entering into this Agreement,that Developer is owner of certain real property legally <br /> described in EXHIBIT B attached hereto consisting of 20.85 acres of unimproved land located in the City <br /> of Elk River, Sherburne County, Minnesota. The Developer intends to improve and develop such property <br /> for single family residential uses, to be known as Riverplace Second Addition (the Development). The final <br /> plat is attached as EXHIBIT C. <br /> 2. Right to Proceed. Within the Subdivision, the Developer may not grade or otherwise <br /> disturb the earth,remove trees,unless authorized by a separate permit or letter;work to construct sewer lines, <br /> water lines, streets, utilities, public or private improvements, or any buildings may not proceed until all the <br /> following conditions have been satisfied: (1) this Agreement has been fully executed by both parties and filed <br /> with the City Clerk; (2) the necessary security has been received by the City; (3) the necessary insurance for <br /> the Developer and its construction contractors has been received by the City; (4) the final plats for the <br /> Subdivision have been filed with the office of the Sherburne County Recorder or Registrar of Titles, and (5) <br /> all required permits are secured and a copy filed with the City Engineer. <br /> 1 <br />