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SPACE ABOVE TIIIS LINE FOR RECORDER'S USE <br />Certificate of Completion and Release <br />Recitals. <br />1.1. Recital One. The Villas at Little Canada LLC (the "Developer ") is the <br />owner of the real property legally described on the attached Exhibit A (the "Townhome <br />Development Property "). <br />1.2. Recital Two. Developer acquired title to the Townhome Development <br />Property from the Economic Development Authority of the City of Little Canada (the <br />"EDA ") pursuant to a deed dated December 9, 2003 and recorded in the office of the <br />Ramsey County Recorder on January 14, 2004, as Document No. 3719506 (the "Deed "). <br />1,3. Recital Three. The Deed includes a right of re -entry for breach of <br />conditions subsequent in favor of the EDA (the "Right of Re- entry"). <br />1.4. Recital Four. The EDA and the Developer are parties to a development <br />agreement, as evidenced by a Memorandum of Development Agreement dated December <br />9, 2003, and recorded in the office of the Ramsey County Recorder on January 14, 2004, <br />as Document No. 3719504 (the "Development Agreement "). <br />1.5. Recital Five. Pursuant to Section 6.3 of the Development Agreement, the <br />Developer is obligated to complete the construction of various phases of the Minimum <br />Improvements on or before the construction completion dates set forth on the <br />Construction Schedule attached to the Development Agreement, The Development <br />Agreement provides that the construction completion date may be extended as a result of <br />an Unavoidable Delay, as defined in the Development Agreement. <br />1.6. Recital Six. The EDA's Right of Re -entry would be triggered by the <br />Developer's failure to complete construction of Minimum Improvements on or before the <br />construction completion date, as such dates may be extended as a result of an <br />Unavoidable Delay. <br />1 <br />3 <br />