#07 - Ebertz Addition-Drake DA 1st Amendment

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1 LA515\115\928561.v1 FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (EBERTZ ADDITION) THIS FIRST AMENDEMENT TO DEVELOPMENT AGREEMENT (this “First Amendment”) is entered into this ___ day of _____________, 2024, by Drake Motor Partners LE LLC, a Colorado limited liability company (the “Developer”) and the City of Lake Elmo, a Minnesota municipal corporation (the “City”). R E C I T A L S WHEREAS, the City and the Developer entered into that certain Development Agreement on June 13, 2023, recorded as Document No. __________________ (the “Agreement”), relating to the development of Lot 1, Block 1, Lots 1-3, Block 2, Ebertz Addition, according to the recorded plat thereof, County of Washington, State of Minnesota; and WHEREAS, the City and the Developer desire to amend the Agreement in order to allow for the Developer to obtain a temporary certificate of occupancy for the building to be located on Lot 1, Block 2, Ebertz Addition prior to the completion of all of the Subdivision Improvements as more specifically set forth herein; and NOW, THEREFORE, in consideration of the foregoing and the covenants and obligations contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed by and between the City and the Developer as follows: 1. Section 23 of the Development Agreement shall be amended to read as follows: 23. BUILDING PERMITS/CERTIFICATES OF OCCUPANCY. A. The City will issue building permits for all buildings within the Subdivision provided that the final plat has been recorded with Washington County. B. The City will issue a certificate of occupancy for the building that is to be constructed on Lot 1, Block 1 (fast-food restaurant) provided that all Subdivision Improvements have been installed by the Developer and have