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1450998v8 <br />EXHIBIT C <br />PRO FORMA CERTIFICATE OF COMPLETION AND RELEASE <br />1. 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 "Development <br />Property "). <br />1.2. Recital Two. Developer acquired title to the Development Property from <br />the Economic Development Authority of the City of Little Canada (the "EDA ") pursuant <br />to a deed dated , 20 and recorded in the office of the Ramsey County <br />Recorder on as Document No. (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 <br />, 20 and recorded in the office of the Ramsey County Recorder on <br />as Document No. (the "Development Agreement "). <br />1.5. Recital Five. Pursuant to Section 6 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 constriction 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 a Unavoidable <br />Delay. <br />1.7. Recital Seven. Pursuant to Section 7.1 of the Development Agreement, <br />the Developer executed a Assessment Agreement dated , 2003 and <br />recorded in the officer of the Ramsey County Recorder on as Document <br />No. (the "Assessment Agreement "). <br />1.8. Recital Eight. Section 7.2 of the Development Agreement provides that <br />upon the EDA's issuance of a Certificate of Completion and Release pursuant to Section <br />6.5 of the Development Agreement, the property subject to the Certificate of Completion <br />and Release is also released from the terms of the Development Agreement and the terms <br />of the Assessment Agreement. <br />1.9. Recital Nine. The Developer has completed the Minimum Improvements <br />located on the portion of the Development Property described on Exhibit A and has <br />C -1 <br />- 3 6 - <br />