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B. Wetland Preserve. The Developer shall provide to the City a warranty deed at no cost to the City, for Outlot B, as shown on the Village No. 2, preliminary plat, dated June 8, 2004. C. Trail Easement. The Developer shall provide to the City a Trail Easement over the southern portion of Lot 3, Block 3, as shown on the Village No. 2 preliminary plat, dated June 8, 2004. The legal description of said trail easement shall be defined during the preparation of plans & specifications for Public Improvements. The trail easement shall be conveyed to the City prior to awarding of contract for public improvements. D. Park Dedication Fees. In addition to the properties to be dedicated to the Public in A,B, and C herein,park dedication fees shall be paid as follows: 1. Payment of Fees. The Developer or sub - developer of each Phase shall pay park dedication fees at the time each phase of the Village 2 receives final plat approval by the City or if no final plat is required for said Phase, upon execution of a development or site improvement agreement for the Phase. The park dedication fees due shall be calculated based upon the actual number of residential units and the commercial acreage within the Phase being developed. Such cash payment shall be established by Ordinance in effect at the time of Final Plat or site agreement approval. 2. Developer Reimbursement. At such time as the City has received all park dedication fees due and payable for the entire plat of the Village 2, the city shall reimburse Developer the sum of $176, 418.00 which represents the value of the land dedicated in Paragraph 20 (A) herein. 3. Property Taxes. Should the recording of the Final Plat occur after July 1, any and all property taxes on any public property dedicated as a part of this plat shall be the responsibility of the developer. Dollars may be incorporated into the escrow agreement to cover the cost of said property taxes. 21. VALIDITY. If a portion, section, subsection, sentence, clause, paragraph or phrase in this contract is for any reason held to be invalid by a court of competent jurisdiction, such decision shall not affect or void any of the other provisions of the Development Contract. 22. RECORDING AND RELEASE The Developer agrees that the terms of this Development Contract shall be a covenant on any and all property included in the Development Property. The Developer covenants with the City, its successors and assigns, that the Developer has the right to perform the Development Improvements on the Development Property, that there are no unrecorded interests in the Development Property platted; and that the Developer will indemnify and hold the City harmless for any breach of the foregoing covenants. The Developer agrees that the City shall have the right to record a copy of this Development Contract with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Development Property described on Exhibit A hereof. Legacy at Woods Edge Agreement 12 12/17/04