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1 <br />210836v2 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />(reserved for recording information) <br /> <br /> <br />RELEASE OF <br />DEVELOPMENT CONTRACT <br /> <br /> RELEASE OF DEVELOPMENT CONTRACT granted this _____ day of <br />_________________, 2020, by the CITY OF ORONO, a Minnesota municipal corporation ("City"). <br /> <br /> WHEREAS, the City has been requested to release and discharge Lot 2 and Lot 4, Block 1, <br />Tanager Estates, Hennepin County, Minnesota, according to the recorded plat thereof (“Subject <br />Property’) from the Development Contract between the City and Irwin L. Jacobs, as Trustee of the <br />Third Amended and Restated Revocable Trust of Irwin L. Jacobs dated November 22, 2006, as <br />amended on September 24, 2007, July 10, 2008 and October 23, 2009, and Alexandra Jacobs, as <br />Trustee under the Alexandra Jacobs Revocable Trust Agreement dated November 22, 2006, as <br />amended on October 23, 2009, Developer, dated October 19, 2016 and recorded November 2, 2016, <br />as Hennepin County, Minnesota, Document No. T05395232 (“Development Contract”); <br /> <br /> WHEREAS, all requirements of the Development Contract have been met as to the Subject <br />Property and there is no longer a need to have the Development Contract recorded against the <br />Subject Property. <br /> <br /> <br /> NOW THEREFORE, be it resolved by the Orono City Council: <br /> <br /> The Subject Property is released and discharged from the Development Contract. <br /> <br /> ADOPTED this ______ day of ____________, 2020. <br /> <br />