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street is to be 60 feet wide whereas the subdivision regulations require a 70 foot wide right of <br /> way. <br /> 2. CONDITIONS OF PLAT APPROVAL. The City approved the Plat in part on <br /> the condition the Developer enter into this Agreement, furnish the security required by it, and <br /> record the Plat with the County Recorder and Registrar of Titles within 180 days of this <br /> Agreement. <br /> 3. RIGHT TO PROCEED. Within the Plat, the Developer may not grade or <br /> otherwise disturb the earth, remove trees, construct sewer lines, water lines, streets, utilities, <br /> Public or Private Improvements, or any buildings until all the following conditions have been <br /> satisfied: 1) this Agreement has been fully executed by both parties and filed with the City Clerk, <br /> 2) the necessary security as provided in this Agreement has been received by the City, and 3) the <br /> Plat and this Agreement have been submitted to the Hennepin County Recorder's Office and <br /> Office of the Registrar of Titles. <br /> 4. DEVELOPMENT. The Development is to be constructed on a schedule as <br /> dictated by the issuance of building permits. Each Lot may be improved individually. New <br /> buildings are to be constructed on Lot 1, Block 1; Lot 1, Block 2; and Lot 2, Block 2. The <br /> existing building on Lot 3, Block 2, is to be renovated and the parking area reconstructed. The <br /> City may refuse to grant building permits for any structure if the Developer has breached this <br /> Agreement and the breach has not been remedied. Developer shall submit a complete <br /> application for a building permit for construction of one of the buildings within one year of filing <br /> of the Plat or the Commercial Site Plan Approval for all of the Lots shall lapse. If the <br /> Commercial Site Plan Approval lapses, Developer shall be required to re-submit an application <br /> to the City for Commercial Site Plan review and approval under then existing City standards and <br /> 132281 v1 <br /> - 3 - <br />