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<br /> <br />DEVELOPMENT AGREEMENT <br />and <br />PLANNED UNIT DEVELOPMENT AGREEMENT <br />Watermark 4th Addition <br /> THIS AGREEMENT is made this _____ day of ____________, 2021, by and between the City <br />of Lino Lakes (“City”), a Minnesota municipal corporation, and U.S. Home Corporation, A Delaware <br />corporation d/b/a Lennar Corporation (“Developer”). <br />1. Subdivision. Developer received preliminary plat approval from the City by Resolution No. <br />16-51 for a plat known as Watermark (“Subdivision”). Unless otherwise stated, all terms <br />and conditions of this Agreement relate to work within the Watermark 4th Addition of the <br />Subdivision. <br />2. Final Plat Approval. The City’s approval of the final plat of Watermark 4th Addition is <br />contingent upon execution and delivery of this agreement, all required petitions, bonds, <br />security, and other documents required by the City, and satisfaction of all conditions of <br />approval required by Resolution No. 21-20. The Final Plat is attached hereto as Exhibit A. <br /> <br />3. Phased Development. The City may refuse to approve final plats of subsequent additions <br />of the plat if the Developer has breached this Agreement and the breach has not been <br />remedied. Development of subsequent phases may not proceed until Development <br />Agreements for such phases are approved by the City and are fully executed. <br />4. Developer Plans. <br />a. The Watermark 4th Addition shall be developed in accordance with the following <br />Developer Plans, original copies of which are on file with the City Engineer. The <br />Developer Plans may be prepared and revised after entering into this Agreement <br />but must be approved by the City before commencement of any work. If the <br />plans vary from the written terms of this Agreement, this Agreement shall <br />control. <br />b. The Developer Plans as of the date of this Agreement are: <br />i. Watermark 4th Addition Final Plat, containing 5 sheets, prepared by <br />Carlson McCain, received December 15, 2020. <br />ii. Watermark 4th Addition Sanitary Sewer, Water Main, Storm Sewer (Box <br />Culvert Construction) and Street Construction plan set containing 25 <br />sheets, revision date March 19, 2021, prepared by Carlson McCain.