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*( <br />V <br />E. WHEREAS, Developer and Successor Developer desire to amend the terms of the <br />Development Agreement as outlined herein and City has agreed to such amendment; <br />NOW, THEREFORE, in consideration of One Dollar and other good and valuable <br />consideration, the sufficiency and receipt of which is acknowledged to by the parties, and in <br />consideration of the Recitals and of their mutual promises set forth below, the parties hereto <br />agree as follows: <br />COVENANTS <br />1. Developer’s Reaffirmation of Obligation. John Terrance Homes. LLC hereby <br />reaffirms its continuing obligations to the City as set forth under the Development Agreement <br />with respect to that part of the Property not included in the transfer from Developer to Successor <br />Developer, sometimes referred to as ‘Phase 1 <br />2. Assumption of Obligations bv Successor Developer: Release of Developer. OT <br />Development LLC hereby assumes and undertakes to perform all obligations allocated to <br />Developer under the Development Agreement and any future amendments thereof with respect <br />to all parts of the Property transferred from Developer to Successor Developer under the terms of <br />the Lfuid Purchase Agreement (that is, the real property described in Exhibit A thereto and <br />hereto), and in consideration for such undertaking, the City hereby releases John Terrance <br />Homes, LLC from all further liability with respect thereto. <br />.1. Development Agreement Continues in Force. The terms of the Development <br />Agreement shall remain unchanged except as specifically amended by the terms of this <br />Amendment. <br />4. No Waiver of Default. This Amendment shall not operate to waive any existing <br />default or defaults under the Development Agreement and the City shall have any and alt <br />remedies against Developer for any such default that are available to the City under the <br />Development Agreement. <br />5. Governing Law. This Amendment and all provisions hereunder shall be governed <br />by and construed in accordance with the laws of the State of Minnesota. <br />ai <br />6. Amendment. This Amendment and the Development Agreement may be <br />led only by written agreement signed by all of the parties. <br />u <br />7. Benefit The Development Agreement shall inure to the benefit of and be binding <br />the parties hereto and their successors and assigns, in accordance with this Amendment. <br />8. Headings. The paragraph headings of this Amendment are for reference only and <br />shall not be deemed to alter or affect the meaning of the terms hereof. <br />■- .