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<br /> <br />SECOND AMENDMENT TO PRELIMINARY DEVELOPMENT AGREEMENT <br />This Second Amendment dated April 29, 2020 (the “Second Amendment”), to that Preliminary <br />Development Agreement dated as of October 7, 2019 by and between the City of Elk River, a <br />Minnesota municipal corporation (the “City”), the Housing and Redevelopment Authority of the City <br />of Elk River, a public body corporate and politic under the laws of the State of Minnesota (the <br />“Authority”), and Modern Construction of Minnesota, Inc., a Minnesota corporation (the <br />“Developer”). <br />WHEREAS, on January 16, 2020, the parties entered into a First Amendment to Preliminary <br />Development Agreement (the “First Amendment”); <br />WHEREAS, the First Amendment extended the deadline in which the Developer had to <br />submit its proposal and extended the term of the Agreement; and <br />WHEREAS, the parties wish to further extend these deadlines; and <br />NOW, THEREFORE, the parties agree as follows: <br />The Preliminary Development Agreement is hereby amended as follows: <br />1. The first paragraph of Section 3 is amended to read as follows. The remainder of Section 3 <br />(paragraphs (a) through (n) shall remain unchanged. <br /> <br />Section 3. Developer’s Obligations. On September 8, 2020, the Developer must submit a <br />proposal to the City and the Authority, which proposal must provide the following <br />information: <br /> <br />2. The first paragraph of Section 8 is amended to read as follows. The remainder of Section 8 shall <br />remain unchanged. <br /> <br />Section 8. Term of Agreement. This Agreement is effective until September 8, 2020. After <br />such date, neither party shall have any obligation hereunder except as expressly set forth to <br />the contrary herein. <br /> <br />3. Except as amended by this Second Amendment, all other terms of the Preliminary Development <br />Agreement shall remain in full force and effect. <br /> <br />635129v1EL185-54 <br />-1- <br /> <br />