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229446v1 <br />(reserved for recording information) <br />DEVELOPMENT CONTRACT <br />(Developer Installed Improvements) <br />BRADFORD PARK SECOND ADDITION <br />CONTRACT dated July 21, 2025, by and between the CITY OF ELK RIVER, a Minnesota municipal <br />corporation (“City”), and U.S. Home, LLC a Delaware Limited Liability Company (the “Developer”). <br />1. REQUEST FOR PLAT APPROVAL. The Developer has asked the City to approve a plat for <br />Bradford Park Second Addition (referred to in this Contract as the "plat"). The land is situated in the County of <br />Sherburne, State of Minnesota, and is legally described in Exhibit A. <br />2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the plat on condition that <br />the Developer enter into this Contract, furnish the security required by it, and record the plat with the County <br />Recorder or Registrar of Titles within two years after the City Council approves the final plat. <br />3. RIGHT TO PROCEED. Within the plat or land to be platted, the Developer may not grade or <br />otherwise disturb the earth or remove trees, unless a grading permit has been approved by the City Engineer <br />following approval of a preliminary plat by the City Council, construct sewer lines, water lines, streets, utilities, <br />public or private improvements, or any buildings until all the following conditions have been satisfied: 1) this <br />agreement has been fully executed by both parties and filed with the City Clerk, 2) the necessary security has been <br />received by the City, 3) the necessary insurance for the Developer and its construction contractors has been received <br />by the City, 4) the plat has been filed with the Sherburne County Recorder or Registrar of Titles’ office, and 5) all <br />required permits are secured and a copy filed with the City Engineer. <br />Page 64 of 299