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10919914v3 <br /> <br /> 1 <br /> <br /> <br /> <br />PARTIAL TERMINATION OF AND RELEASE OF PROPERTY FROM <br />DEVELOPMENT AGREEMENT, <br />TERMINATION OF ASSESSMENT AGREEMENT, AND <br />TERMINATION OF PURCHASE AGREEMENT <br /> <br /> <br /> THIS PARTIAL TERMINATION OF AND RELEASE OF PROPERTY FROM <br />DEVELOPMENT AGREEMENT, TERMINATION OF ASSESSMENT AGREEMENT, AND <br />TERMINATION OF PURCHASE AGREEMENT (this “Release and Termination”) is entered <br />into as of the day of , 2019, by and between THE ECONOMIC <br />DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA, a body corporate and <br />politic established under Minnesota Statutes Chapter 469 (“EDA”) and THE VILLAGE AT <br />LITTLE CANADA LLC, a Minnesota limited liability company (“Developer”). <br /> <br /> <br />RECITALS <br /> <br /> A. EDA and Developer are parties to that certain Development Agreement dated as of <br />December 9, 2003, as amended by First Amendment to Development Agreement dated August 3, <br />2005, and by Second Amendment to Development Agreement dated July 7, 2009 (the <br />“Development Agreement”). Capitalized terms used but not defined herein have the meanings <br />given to such terms in the Development Agreement. <br /> <br /> B. On or about July 7, 2009, EDA, Developer and Sweet Cream Properties Little <br />Canada, LLC (“Sweet Cream”) entered into a Partial Assignment and Assumption of <br />Development Agreement pursuant to which Developer assigned to Sweet Cream and Sweet Cream <br />assumed from Developer, Developer’s rights and obligations under the Development Agreement <br />with respect to the real property depicted as “Parcel 3” in the Development Agreement and now <br />legally described as Lot 1, Block 1, Village Square Third Addition (“Parcel 3”). <br /> <br />C. The Development Agreement is memorialized by (1) Memorandum of <br />Development Agreement dated December 9, 2003, recorded on January 28, 2004, Ramsey County <br />Recorder Document No. 3723788; (2) Memorandum of Development Agreement dated March 3, <br />2006, recorded on March 13, 2006, Ramsey County Recorder Document No. 3932235; and <br />(3) Memorandum of Development Agreement dated July 7, 2009, recorded on July 10, 2009, <br />Ramsey County Recorder Document No. 4168989. <br /> <br />D. EDA and Developer are parties to that certain Assessment Agreement dated <br />March 3, 2006, recorded on March 13, 2006, Ramsey County Recorder Document No. 3932236, <br />as amended by First Amendment to Assessment Agreement dated July 7, 2009, recorded on <br />January 7, 2010, Ramsey County Recorder Document No. 4201603 (the “Assessment <br />Agreement”) affecting real property depicted as “Parcels 1 and 2” in the Development Agreement <br />and now legally described as LOTS 1 AND 2, BLOCK 1, VILLAGE SQUARE SECOND <br />ADDITION (“Parcels 1 and 2”).