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(reserved for recording information) <br />RELEASE OF <br />DEVELOPMENT CONTRACTS <br />RELEASE OF DEVELOPMENT CONTRACTS granted this day of <br />, 2022, by the CITY OF ELK RIVER, a Minnesota municipal corporation ("City"). <br />WHEREAS, the City and Richard C. Foster, an individual person, entered into a Development <br />Contract dated April 5, 1993 and recorded April 12, 1993, as Sherburne County Document No. 275019 <br />("Development Contract No. I"); <br />WHEREAS, the City and Gerald Hagen, an individual person, entered into a Development <br />Contract dated March 31, 1994, and recorded March 31, 1994, as Sherburne County Document No. 292456 <br />("Development Contract No. 2"); <br />WHEREAS, the City and Phoenix Enterprises, LLC, a Minnesota limited liability company, <br />entered into a Development Contract dated May 12, 1995, and recorded June 7, 1995, as Sherburne County <br />Document No. 309530 ("Development Contract No.3"); <br />WHEREAS, the City and Riverside Development Company of Princeton, a Minnesota <br />corporation, entered into a Development Contract dated August 5, 1996, and recorded September 5, 1996, <br />as Sherburne County Document No. 331639 ("Development Contract No. 4"); <br />WHEREAS, all requirements of the development contracts have been met and there is no longer <br />a need to have the development contracts recorded against the properties affected by the development <br />contracts. <br />NOW THEREFORE, be it resolved by the City of Elk River, Minnesota that Development <br />Contract No 1, Development Contract No.2, Development Contract No. 3 and Development Contract No. <br />4 are hereby released from the properties identified in the foregoing development contracts. <br />224332v3 <br />