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' I <br />CITY OF ORONO <br />HENNEPIN COUNTY, MINNESOTA <br />FIRST AMENDMENT TO <br />PLANNED UNIT DEVELOPMENT NO. 4 AGREEMENT <br />“2550” WAYZATA BOULEVARD <br />DEVELOPER: DAHLSTROM DEVELOPMENT CORPORATION LLC <br />NAME OF DEVELOPMENT: STONEBAY <br />THIS AMENDMENT, is made and entered into as of this___day of <br />2005, by and between the City of Orono, a municipal corporation organized and existing under <br />the laws of the State of Minnesota (hereinafter called “City ”), John Terrance Homes, LLC, a <br />Minnesota limited liability company, its heirs, successors and assigns (sometimes hereinafter <br />called “Developer”) and OT Development LLC, a Minnesota limited liability company <br />(sometimes hereinafter called “Successor Developer”). <br />WITNESSETH: <br />A. WHEREAS, Developer and City entered into Planned Unit Development No. 4 <br />Agreement (the “Development Agreement ”) dated July 9,2003, in connection with the real <br />property located in the City of Orono, County of Hennepin, State of Minnesota, legally described <br />on attached Exhibit A (the “Property”); and <br />B. WHEREAS, Dahlstrom Development, LLC was misidentifted in the <br />Development Agreement as a Minnesota corporation, but was and is a Minnesota limited liability <br />company, the name of which was subsequently changed to John Terrance Homes, LLC; and <br />C. WHEREAS, the Development Agreement was assigned from Developer to 3Z <br />Holdings, Inc., a Minnesota corporation pursuant to a Land Purchase Agreement dated June 13, <br />2005 and subsequently assigned by said assignee to Successor Developer by assignment dated <br />_______, 2005 (“Assignment of Agreement”); and <br />D. WHEREAS, Developer, upon the approval of this Amendment by City, will <br />transfer to Successor Developer all special declarant rights under Minnesota Statutes Chapter <br />515B to Successor Declarant; and