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(reserved for recording information) <br /> DEVELOPMENT CONTRACT <br /> and <br /> PLANNED RESIDENTIAL DEVELOPMENT AGREEMENT <br /> (Developer and City Installed Improvements) <br /> LAKEVIEW OF ORONO <br /> Project Number 15-3723 <br /> PUD No. 10 <br /> THIS DEVELOPMENT CONTRACT ("Contract") dated July 15th, 2015, by and between the <br /> CITY OF ORONO, a Minnesota municipal corporation ("City"), and SOURCE LAND CAPITAL, <br /> LLC, a Minnesota limited liability company(the "Developer"). <br /> 1. REQUEST FOR PLAT AND PLANNED RESIDENTIAL DEVELOPMENT <br /> APPROVAL. The Developer has asked the City to approve a plat and a Planned Residential <br /> Development for "LAKEVIEW OF ORONO" (referred to in this Contract as the "Plat"). The Land is <br /> situated in the City of Orono, County of Hennepin, State of Minnesota, and is legally described on Exhibit <br /> A attached hereto. <br /> 2. CONDITIONS OF PLAT AND PLANNED RESIDENTIAL <br /> DEVELOPMENT APPROVAL. The City hereby approves the Plat and Planned Residential <br /> Development on condition that the Developer enters into this Contract and furnishes the security required by <br /> it. The City will cause the Plat to be duly recorded in the office of the Registrar of Titles or County <br /> Recorder in and for Hennepin County, Minnesota, promptly after compliance by the Developer with all <br /> 180976 6/22/15 mpg <br />