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10919914v3
<br />
<br /> B-1
<br />
<br />EXHIBIT B
<br />TO
<br />RELEASE OF PROPERTY FROM DEVELOPMENT AGREEMENT,
<br />TERMINATION OF ASSESSMENT AGREEMENT, AND
<br />TERMINATION OF PURCHASE AGREEMENT
<br />
<br />FORM OF CERTIFICATE OF RELEASE FROM
<br />DEVELOPMENT AGREEMENT AND ASSESSMENT AGREEMENT
<br />
<br />
<br />CERTIFICATE OF RELEASE FROM
<br />DEVELOPMENT AGREEMENT AND ASSESSMENT AGREEMENT
<br />
<br /> THIS CERTIFICATE OF RELEASE FROM DEVELOPMENT AGREEMENT AND ASSESSMENT AGREEMENT
<br />(“Certificate”) is made as of , 2019, by THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY
<br />OF LITTLE CANADA, a body corporate and politic established under Minnesota Statutes Chapter 469 (“EDA”) and THE
<br />VILLAGE AT LITTLE CANADA LLC, a Minnesota limited liability company (“Developer”).
<br />
<br /> EDA and Developer are parties to that certain Development Agreement dated as of December 9, 2003, as amended by
<br />First Amendment to Development Agreement dated August 3, 2005, and by Second Amendment to Development Agreement dated
<br />July 7, 2009 (the “Development Agreement”).
<br />
<br /> The Development Agreement is memorialized by (1) Memorandum of Development Agreement dated December 9,
<br />2003, recorded on January 28, 2004, Ramsey County Recorder Document No. 3723788; (2) Memorandum of Development
<br />Agreement dated March 3, 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, Ramsey County Recorder Document
<br />No. 4168989.
<br />
<br /> EDA and Developer are parties to that certain Assessment Agreement dated March 3, 2006, recorded on March 13, 2006,
<br />Ramsey County Recorder Document No. 3932236, as amended by First Amendment to Assessment Agreement dated July 7, 2009,
<br />recorded on January 7, 2010, Ramsey County Recorder Document No. 4201603 (the “Assessment Agreement”).
<br />
<br /> EDA and Developer hereby certify that the real property located in Ramsey County, Minnesota, described as LOTS 1
<br />and 2, BLOCK 1, VILLAGE SQUARE SECOND ADDITION and LOT 2, BLOCK 1, VILLAGE SQUARE THIRD ADDITION
<br />is released from all covenants, restrictions, and obligations under the Development Agreement and the Development Agreement,
<br />as it applies to the aforementioned real property, is terminated and of no further force and effect.
<br />
<br /> EDA and Developer hereby certify that the real property located in Ramsey County, Minnesota, described as LOTS 1
<br />and 2, BLOCK 1, VILLAGE SQUARE SECOND ADDITION is released from all covenants, restrictions, and obligations under
<br />the Assessment Agreement and the Assessment Agreement is terminated.
<br />
<br />[Signature page(s) follow.]
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