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FIRST AMENDMENT TO PRELIMINARY DEVELOPMENT AGREEMENT <br />This First Amendment dated January 16, 2020 (the "First 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 />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 />Section 3. Developer's Obligations. On June 1, 2020, the Developer must submit a <br />proposal to the City and the Authority, which proposal must provide the following <br />information: <br />2. The first paragraph of Section 8 is amended to read as follows. The remainder of Section 8 shall <br />remain unchanged. <br />Section 8. Term of Agreement. This Agreement is effective until June 3, 2020. After such <br />date, neither party shall have any obligation hereunder except as expressly set forth to the <br />contrary herein. <br />3. Except as amended by this First Amendment, all other terms of the Preliminary Development <br />Agreement shallremain in full force and effect. <br />IN WITNESS WHEREOF, the parties to this First Amendment have cause this document to be duly <br />executed as of the day and year first above written. <br />MODERN CONSTRUCTION OF <br />MINNESOTA, INC. <br />By <br />Its: <br />635129v 1EL185-54 -1- <br />