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1 <br />LA515\89\959440.v3 <br />FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (EASTON VILLAGE 6TH <br />AND 7TH ADDITIONS) <br />THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First <br />Amendment”) is entered into this ___ day of _____________, 2024, by Chase Development, Inc., <br />a Minnesota corporation (the “Developer”) and the City of Lake Elmo, a Minnesota municipal <br />corporation (the “City”). <br />R E C I T A L S <br />WHEREAS, the City and the Developer entered into that certain Development Agreement <br />on _________________, recorded as Document No. __________________ (the “Agreement”), <br />relating to the development of Easton Village 6th Addition and Easton Village 7th Addition, the <br />property of which is legally described on the attached Exhibit A; and <br />WHEREAS, the Developer has completed the Subdivision Improvements in Easton <br />Village 6th Addition; and <br />WHEREAS, the City and the Developer desire to amend the Agreement in order to allow <br />for the Developer to obtain a building permit for Lot 1, Block 1 in Easton Village 6th Addition <br />prior to completing the Subdivision Improvements in Easton Village 7th Addition; and <br />WHEREAS, the City has requested and the Developer has agreed to provide the City with <br />temporary and permanent easements to allow the construction of a railroad crossing within the <br />Easton Village Development and both parties wish to document this agreement; and <br />NOW, THEREFORE, in consideration of the foregoing and the covenants and obligations <br />contained in this Amendment and other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, it is agreed by and between the City and the <br />Developer as follows: <br />1. Section 27 of the Development Agreement shall be amended to read as follows: <br />27.BUILDING PERMITS/CERTIFICATES OF OCCUPANCY. <br />A.The City will not issue a building permit for any lot within the Subdivision until all <br />public Subdivision Improvements are completed and have been accepted by the City, <br />with the exception that the wear course for the streets must be placed after one winter