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1 <br />LA515\93\999675.v2 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />FIFTH AMENDMENT TO DEVELOPMENT AGREEMENT CROSSROADS EAST 1ST <br />ADDITION <br /> THIS FIFTH AMENDMENT TO DEVELOPMENT AGREEMENT (this “Fifth <br />Amendment”) is entered into this ______ day of _______________, 2025, by Airlake <br />Development Inc., a Minnesota corporation and Crossroads East, LLC, a Minnesota limited <br />liability company (collectively, the “Developer”) and the City of Lake Elmo, a Minnesota <br />municipal 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 />dated February 15th 2022 and recorded with Washington County on April 5th 2022 as Document <br />No. 7368700 (the “Development Agreement”); and <br />WHEREAS, the Development Agreement relates to the subdivision located in Lake Elmo, <br />Minnesota known as Crossroads East First Addition and the property is legally described on <br />Exhibit 1 attached hereto (the “Property”); and <br />WHEREAS, the City and the Developer entered into a First Amendment to the <br />Development Agreement on April 5th 2022 and recorded with Washington County on April 29th <br />2022 as Document No. 4368700 (the “First Amendment”); and <br />WHEREAS, the City and Developer entered into a Second Amendment to the <br />Development Agreement on August 3rd 2022 and recorded with Washington County on August <br />22nd 2022 as Document No. 4382483 (the “Second Amendment”); and <br />WHEREAS, the City and Developer entered into a Third Amendment to the Development <br />Agreement on August 11th 2022 and recorded with Washington County on August 22nd 2022 as <br />Document No. 4382484 (the “Third Amendment”); and