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DEVELOPER AGREEMENT <br />TWIN LAKES ESTATES 2ND ADDITION <br />AMENDMENT #'1 <br />This amendment pertains to the Development Agreement dated June 27, <br />2005 between the City Of Elk River and Ryan Development, recorded as <br />Document Number 600877. <br />Section 5.) (02) (ii): the security will not be released below One <br />Hundred Fifty Thousand and no/100 dollars ($150,000) until all <br />Improvements pursuant to this agreement have been completed in full and <br />all other obligations of Developer under this Agreement have been fulfilled, <br />including Developers obligation to provide buildable lots, install required <br />Landscaping Improvements and to fulfill the requirements of the Wetland <br />Mitigation, if applicable. <br />All other provisions outlined in the original agreement remain in full force and <br />effect. <br />IN WITNESS WHEREOF, the City and Developer have caused this Agreement to be duly <br />executed on this day and year first above written. <br />CITY OF ELK RIVER <br />By: <br />Stephanie Klinzing <br />Its: Mayor <br />By: <br />Tina Allard <br />Its: City Clerk <br />