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<br /> 1 <br />LA515-119-849077.v5 <br /> <br /> <br />(reserved for recording information) <br />DEVELOPMENT AGREEMENT <br /> The Royal Golf Club at Lake Elmo 5th Addition <br /> <br /> <br />THIS DEVELOPMENT AGREEMENT is dated ______________, 2023, by and between the <br />CITY OF LAKE ELMO, a Minnesota municipal corporation (the “City”) and U.S. Home, LLC, a <br />Delaware limited liability company (the “Developer”). <br />1. PLAT APPROVAL. The City previously approved a plat for The Royal Golf Club at Lake <br />Elmo 5th Addition (referred to in this Agreement as the “Subdivision”) on December 20, 2022. The <br />property being platted is situated in the County of Washington, State of Minnesota, and is legally <br />described on Exhibit A (the “Property”). <br />2. CONDITIONS OF PLAT APPROVAL. The City hereby approves the Subdivision on <br />condition that the Developer enter into this Agreement, furnish the security required by it, and <br />record the plat with the County Recorder or Registrar of Titles no later than 180 days after the <br />City Council approves the plat. <br />3. RIGHT TO PROCEED. This Agreement is intended to regulate the development of the