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1 of 2 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />TERMINATION OF DEVELOPMENT AGREEMENT, AS AMENDED, AND <br />EXTINGUISHMENT OF RIGHT OF REVERTER <br /> <br /> <br /> Witnesseth: <br /> <br />WHEREAS, the City of Little Canada (“City”) entered a Developer Agreement with RAB, LLC <br />dated July 21, 1995, as amended by a certain Amendment to Development Agreement dated <br />January 19, 2005, (collectively the “Agreements”) pertaining to the development of certain property <br />as described in the Agreements; and <br /> <br />WHEREAS, in conjunction with the above Agreements, then by Deed dated December 30, 2004, <br />and recorded as Doc. No. 3845838 in the Office of the Ramsey County Recorder (the “Deed”) <br />conveyed certain property to RAB, LLC to facilitate the development of the project contemplated <br />by the Agreements; and <br /> <br />WHEREAS, the Deed contained a right of reverter in the event of a breach of the above <br />Agreements; and <br /> <br />WHEREAS, RAB, LLC is selling Lot 2, Block 1, Country Side Terrance, a portion of the property <br />described in the Deed, to AFSA Building Company (the “Company”), and the Company is entering <br />a new Development Agreement with the City covering said lot. <br /> <br />NOW, THEREFORE, in consideration of AFSA Building Company entering into a new <br />development agreement with the City covering the following described real property situated in the <br />County of Ramsey, State of Minnesota legally described as: <br /> <br />Lot 2, Block 1, Country Side Terrace <br /> <br />The City hereby declares as follows: <br /> <br />1. Lot 2, Block 1, Country Side Terrace, Ramsey County, Minnesota, is hereby released from <br />the terms of the Agreements