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I <br />DEVELOPMENT AGREEMENT <br />1➢ YOU <br />LOT 1, BLOCK 1, TEAL PASS ESTATES, SECOND ADDITION <br />THIS AGREEMENT, made and entered Into this day of <br />September, 1984, by and between the City of Lake Elmo, a statu- <br />tory city (hereinafter called "City")and H. Kenneth Neudahl and <br />Sherrill J. Neudahl, husband and wife (hereinafter called <br />"Developers"). Developers hereby warrant and represent to the <br />City as an inducement to the City's entering into this Agreement <br />that Developers` interest ,in the land area of the development is <br />as contract vendee, said interest being established by the <br />following: <br />Contract for Deed executed by and, <br />between Sylvester Price, a single per- <br />son, as vendor, and H. Kenneth Neudahl <br />and Sherrill J. Neudahl, husband and <br />wife, as vendees, dated August 21 1980, <br />and recorded September 8, 1980, as Docu- <br />ment no. 408533. <br />