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<br /> <br />DEVELOPMENT AGREEMENT <br />and <br />PLANNED UNIT DEVELOPMENT AGREEMENT <br />Watermark <br /> THIS AGREEMENT is made this _____ day of ____________, 2018, by and between the <br />City of Lino Lakes, a municipal corporation under the laws of Minnesota (the “City”), and U.S. <br />Home Corporation, a Delaware corporation d/b/a Lennar Corporation (the “Developer”). <br />1. Subdivision. Developer received preliminary plat approval from the City by Resolution <br />No. 16-51 for a plat known as Watermark (“Subdivision”). Unless otherwise stated, all <br />terms and conditions of this Agreement relate to work within the Subdivision. <br />2. Final Plat Approval. The City’s approval of the final plat of Watermark as legally <br />described on Exhibit A attached hereto, is contingent upon execution and delivery of this <br />Agreement and all required petitions, bonds, security, and documents, and satisfaction <br />of all conditions of approval required by Resolution No. 18-143. The Final Plat is <br />attached hereto as Exhibit B. <br /> <br />3. Phased Development. The City may refuse to approve final plats of subsequent additions <br />of the subdivision if the Developer has breached this Agreement and the breach has not <br />been remedied. Development of subsequent phases may not proceed until Development <br />Agreements for such phases are approved by the City. <br />4. Developer Plans. <br />a. The Subdivision shall be developed in accordance with the following Developer <br />Plans, original copies of which are on file with the City Engineer. The Developer <br />Plans may be prepared and revised after entering into this Agreement but must <br />be approved by the City before commencement of any work. If the plans vary <br />from the written terms of this Agreement, this Agreement shall control. <br />b. The Developer Plans as of the date of this Agreement are: <br />i. Watermark construction plan set containing sheets 1-45 L1-6 and T1-T7, <br />prepared by Carlson McCain received November 9, 2018. <br />ii. Watermark Final Plat containing 7 sheets, prepared by Carlson McCain <br />received November 9, 2018.