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• • AMENDMENT TO DEVELOPMENT CONTRACT — PINE GLEN PHASE I AND DEVELOPMENT CONTRACT — PINE GLEN SECOND ADDITION This Amendment is made this day of February, 2012, by and between the City of Lino Lakes, 600 Town Center Parkway, Lino Lakes, Minnesota 55014, a municipal corporation ( "the City ") and 23, LLC, 1875 Station Parkway N.W., Andover, Minnesota 55304 ( "the Developer "). Whereas, the City and the Developer ( "the Parties ") entered into a Development Contract for Pine Glen — Phase I on May 22, 2006 ( "2006 Contract "); and Whereas, the Parties entered into a Development Contract for Pine Glen Second Addition on March 12, 2007 ( "2007 Contract "); and Whereas, Section II.A.10 of the 2006 Contract and Section II.A.15 of the 2007 Contract required the Developer to furnish Irrevocable Letters of Credit to cover the cost of the Developer's Improvements, and the Developer did in fact obtain letters of credit; and Whereas, Section V of both Development Contracts required the Developer to establish an escrow account with the City for the payment of City costs, and Developer did in fact establish an escrow account for each Contract; and Whereas, Developer has not completed all Developer Improvements, as defined in the two Contracts, but is no longer able to obtain letters of credit to guarantee installation of those Improvements; and Whereas, Developer wishes to utilize its cash escrow accounts, as further supplemented by Developer, to guarantee and pay for the installation of the remaining Developer Improvements, and the City is amenable to utilizing the accounts in that manner. Now, Therefore, in consideration of the mutual promises contained herein, it is agreed by the Parties as follows: