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Pine Glen — Phase I Development Contract May 22, 2006 United States mail to the addresses hereinbefore set forth on Page 1 by certified mail (return receipt requested). Such notice or demand shall be deemed timely given when delivered personally or when deposited in the mail in accordance with the above. The addresses of the parties hereto are as set forth on Page 1 until changed by notice given as above. C. Final Plat Approval The City agrees to give final approval to the plat of the Subdivision upon execution and delivery of this agreement and all required petitions, bonds, security, and documents including the following: 1. Phase 1 of the project including 35 residential lots can not be final platted until 2006. The final plat for phase 2 of the project including 37 residential lots can not be final platted until 2007. 2. A sign must be provided at the northern terminus of Street C and the southern terminus of Street B that indicate that the road is intended to continue in the future. 3. Park dedication fees must be paid in accordance with the city fee schedule. 4. A site and building plan review must be completed for both of the commercial lots prior to any commercial activities on those sites. 5. All existing structures must be removed prior to the approval of a final plat for any portion of Phase 1. Demolition permits must be obtained prior to the demolition of any structures. 6. 4.08 acres of commercial MUSA is here by allocated to the commercial portion of the site. 7. 15.4 acres of residential MUSA reserve in year 2005, 5.1 acres of residential MUSA reserve in year 2006 is here by allocated for Phase I of the residential portion of the site. 8. 19.8 acres of residential MUSA reserve in 2007 is here by allocated for Phase II of the residential portion of the site. 9. City native seed mix must be used in all drainage ponds and wet areas and a 3 year management plan must be established with a reputable management company. 10. Right of way for Lake Drive shall be dedicated as 60 feet from centerline. page 11