11-13-2002 Council Agenda - Laserfiche WebLink

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EXHIBIT E Pro Forma Memorandum of Development Agreement The parties to this Memorandum of Development Agreement ( "Memorandum ") are the Economic Development Authority of the City of Little Canada, Minnesota ("GityEDA") and The Lodge at Little Canada LLC ( "Developer "). This Memorandum is dated , 2002. GityThe EDA and Developer have entered into a Development Agreement dated , 2002 (the "Development Agreement "). In the Development Agreement, the City_EDA agrees to convey the property legally described on the attached Exhibit A (the "Development Property ") to the Developer upon the satisfaction of certain conditions precedent, as set forth in the Development Agreement and the Developer makes certain covenants and agrees to certain restrictions regarding the Developer's development of the Development Property which are intended to run with title to the Development Property including, but not limited to, the covenants set forth in Sections 6 and 7 of the Development Agreement. GityEDA and Developer are executing and recording or filing, as the case may be, this Memorandum to comply the Minnesota Statutes Section 507.34 and to provide record notice of the Development Agreement. This Memorandum is not intended, and shall not be construed to define, limit, or modify the Development Agreement. For information regarding the terms of the Development Agreement, third parties should reference the Development Agreement, copies of which are in the possession of the GityEDA and the Developer. 42SOSvvdoe Red (V8 to V7) E -1