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06/19'96 14:24 <br />day of <br />("City"). <br />NO.033 P002/004 <br />RELEASE OF DEVELOPMENT CONTRACT <br />THIS RELEASE OF DEVELOPMENT CONTRACT ( "Release ") made this <br />, 1996 by the CITY OF LITTLE CANADA, a Minnesota municipal corporation <br />RECITALS: <br />A. City and IC & L Associates of Little Canada, a Minnesota general partnership <br />( "Developer "), entered into that certain Development Contract dated August 22,`1990 ( "Development <br />Contract "), filed on September 4, 1990 in the Office of the Cpunty Recorder, Ramsey County, <br />Minnesota, as Document No. 2561307, which Development Contract sets forth the terms and <br />conditions relating to the development of certain real property located in Ramsey County, Minnesota <br />( "Premises "), legally described on Exhibit A attached hereto. <br />B. The Developer has complied with all terms and conditions of the Development <br />Contract and all improvements described therein have been completed and approved by the City. <br />C. The Developer has requested and the City Council has approved the release <br />of the Development Contract. <br />NOW, THEREFORE, in consideration of the foregoing recitals and other good and <br />valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City hereby <br />releases the Premises from all terms and conditions of the Development Contract, and the <br />Development Contract is hereby null and void. <br />CITY OF LITTLE CANADA, <br />a Minnesota municipal corporation <br />By <br />Its <br />By <br />Its <br />Page 91 <br />