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1. SECOND AMENDMENT TO DEVELOPMENT AGREEMENT Recitals: a. Recital One: The City of Little Canada. Minnesota (the "City ") and R. J. Marco Construction. Inc. (the "Marco') are parties to a Development Agreement dated as of Juiv 14. 1999 (the "Agreement "). b. Recital Two: On or about December 20, 1999, Marco assigned its rights under the Agreement to Little Canada North. LLC. a Minnesota limited liability company (the "Developer "). c. Recital Three: Effective January 5, 2000, the City and the Developer amended the Development Agreement to modify various provisions thereof (the "First Amendment "). d. Recital Four: Certain of the Reimbursable Soil Correction Costs (as defined in the First Amendment) will be paid by the City and not by the Developer as stated in the First Amendment because a Ramsey County Community Development Block Grant in the form of a zero percent loan is available to the City to pay such costs; and the Developer has also incurred and paid an amount to correct additional adverse soil conditions existing on the Development Property (as defined in the Agreement). e. Recital Five: The City and the Developer further desire to amend the Development Agreement to modify various provisions thereof and are executing this amendment (the "Second Amendment ") to set forth these modifications. 2. Effective Date: This Second Amendment is effective as of February 441, 2001. 3. Addition Additions to Section 1.1 - Definitions: The following definition is definitions are added to Section 1.1: Deficiency Payment mean a , avm t Devel , er i n 'Wilted to make to the City pursuant to Section 3.8, Loan nm_e_ans a 595.000 intere t free loan the itv is aeg sir' p, �m the County which is even idced by an Agreement between the Ram ey County lousing and Redevelopment Authority and the Citv dated March 22,102, Loan means the Community Devel pment Block Grant in the am unt of 595.000 loaned to the City by the County at zero percent to correct adverse soil condition, 4. Modification to Section 1.1 - Definitions: The definition of the term "Reimbursable Soil Correction Costs" is deleted in its entirety and replaced with the following: Reimbursable Soil Correction Costs means costs and expenses in excess of ' n . ... - D- 1255487vRed; V3 to VI 02/14/01 Page 6