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1 . At such time as Developer has a) obtained final approval of the Development and the Plat <br />from the City, and b) acquired fee title to Tract H, Owner agrees Owner shall execute and deliver <br />Owner’s agreement to execute and deliver the Easement is subject to Developer’s compliance with <br />all of the terms and conditions stated in this Agreement. <br />2. In consideration of Owner’s agreement to grant the Easement to the City. Developer agrees <br />to pay Owner the sum of $60,000.00, payable at the time of Owner’s execution and delivery of the <br />Easement. This 560,000.00 payment to Owner shall be payable by execution and delivery by <br />Developer of a Promissory Note payable to Owner in the fomi and containing the terms of Exhibit <br />A attached hereto and incorporated herein (the “Note”). The Note shall be secured by a Mortgage <br />in the form of Exhibit B attached hereto and incoiporatcd herein (“Mortgage"), The Mortgage shall <br />be recorded as a second mortgage lien against each of the seven platted lots included in the Plat, and <br />shall be subordinated only to a first Mortgage securing Developer’s land development loan up to an <br />amount not to exceed S1,6.S0,000.00. Developer shall execute and deliver the Note and the <br />Mortgage at the time ofOwner’s execution and deliveryof the Easement, and the Mortgage shall be <br />recorded imntediately after the Plat is recorded in the office of the Hennepin County Registrar of <br />I itles. The Note and the Mortgage shall be executed and delivered by Premier as the holder of fee <br />title to Tract H or all of the seven platted lots included in the Plat. The Note shall be payable and <br />the Mortgage shall be released upon the terms and conditions stated in Exhibits A and D attached <br />hereto. <br />3. Owner’s agreement to grant the Easement to the City and to execute and deliver the Easement <br />is also subject to the following tenns and conditions; <br />a.The underground sanitary' sewer and city water lines to be installed by Developer as <br />part of the Development shall provide two sanitary sewer and two city water stubs <br />or connections adjacent to the southeast line of Owner’s Property in locations <br />reasonably approve a by Ow ner to provide for future connection of sanitary sewer and <br />city water service to Owner’s residence and/or a future residence or residences to be <br />constructed on Owner’s Properly. These sanitary sewer and city water stubs or <br />connections and the underground city water and sanitary sewer lines to be installed <br />by Developer shall be provided at no cost or assessment, private or public, to Owner <br />or Owner’s Property, with the exception of any standard connection fees that maybe <br />charged by the City at such lime as Ow ner or a future Owner of Ow ner’s Property <br />connects to these city water and sanitary sewer stubs or connections. <br />b. <br />c. <br />There shall be no more Uian seven platted single-family lots in t!ic Development. <br />The Easement shall provide that Owner reserves the right to have access from <br />Owner’s Property over the Easement and Tract G to County Road No. 146 for two <br />private driveways bcncfitting Owner’s Property. <br />Cl £>un n* Airecmem -2-