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FIRSTSECOND AMENDMENT TO <br />DEVELOPMENT AGREEMENT <br />THIS FIRSTSECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this <br />"Amendment ") is entered into as of the day of , "001I,July 2005, between <br />the Economic Development Authority of the City of Little Canada, a body corporate and <br />politic established under Minnesota Statutes Chapter 469 (the "EDA "), and The Villas at Little <br />Canada LLC, a Minnesota limited liability company ( "Developer "). <br />RECITALS <br />A. The EDA and Developer have previously entered into a Development Agreement <br />dated as of December 9, 2003 (tho2003 as amended by the First Amendment to Development <br />Agreement dated as of July 16, 2004 (collectively, the "Development Agreement "). <br />B. The Development Agreement relates to the construction by Developer of 45 <br />townhome units (the "Townhome Units ") on the Townhome Development Property described in <br />the Development Agreement. <br />C. The parties desire to amend the Development Agreement to modify the <br />construction schedule for the Townhome Units. <br />NOW, THEREFORE, in consideration of the mutual obligations of the parties hereto, <br />the parties agree as follows: <br />1. Construction Schedule. Exhibit D to the Development Agreement is hereby <br />deleted and replaced with Replacement Exhibit D attached hereto. <br />2. Counterparts. This Amendment may be executed in any number of counterparts, <br />each of which shall constitute one and the same instrument. <br />3. Governing Law. This Amendment will be governed by and construed in <br />accordance with the laws of the State of Minnesota. <br />4. Effect of Amendment. Except as hereby amended, all other terms and provisions <br />of the Development Agreement shall remain in full force and effect. <br />(The remainder of this page has been intentionally left blank.) <br />2 <br />