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• <br />• <br />• <br />conditions appropriately replacing the terms and conditions of the Contract. On that basis, City <br />is willing to release Master Developer from the terms and conditions of the Contract subject to <br />Master Developer's acknowledgement of its continuing obligations as to other parcels that <br />remain subject to the Contract. <br />THEREFORE, IT IS AGREED AS FOLLOWS: <br />II. Agreement. <br />2.1 Because City has approved the Hotel Development as set forth above, City agrees <br />that: <br />(a) The Subject Parcel is released from the Contract and therefore the <br />Contract no longer encumbers the Subject Parcel. <br />(b) Successor Developer has no liability or obligations under the Contract; <br />provided however, this Agreement does not release Successor Developer from its <br />obligations to timely pay City fees and charges due in the ordinary course of development <br />and building construction. <br />2.2 Successor Developer will commence and complete the Hotel Development as <br />approved by the City and comply with the requirements of the Hotel Development or Site <br />Performance Agreement. <br />2.3 From and after the effective date set forth above, Master Developer is released <br />from its obligations under the Contract as to the Subject Parcel subject to the following: <br />(a) Master Developer remains liable under the Contract as to all other parcels <br />subject to the Contract that are not released hereby or previously released. <br />This document drafted by: <br />Hartford Group, Inc. (FAJ) <br />1300 Wells Fargo Plaza <br />7900 Xerxes Ave. S. <br />Bloomington, MN 55431 <br />(Remainder of Page Intentionally Left Blank) <br />- 7 0 - <br />