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FROM CULL-ERTJON :FRI) 6. 5'93 3:12 3T. $:i0 NO. :7000('04;6 F 4 <br />WHEREAS, the Ocvclopor and the City agree to the approval of the subdivision of the <br />Property subject to the tertns set fortlt below. <br />NOW THERHF0|lC. BE IT RESOLVED, the City tnd the Developer do mutually agree <br />as follows. <br />1. The City will, by duly adopted resolution, approve the Lake Minnesota Woods <br />PKD consisting of thirty <30; tow-nhomc units as depicted on the attached Exhibit B. <br />2.The Crty v-ill, by duly ndopuJ resolution, approve the final plat of twenty (20) <br />units of the Property gene <br />3. The City w <br />0. Tht ovi <br />ally indicated as Phase I on the attached Exhibit B. <br />ill be bound to final plat approval of the area depicted as Phase II on <br />the attached Exhibit B at i uch time that one of the follow’ing events occurs. <br />Tier or developer of the property located to the west of the Properly (the <br />West Properly) enters into o development agrcerneni providing for the <br />suMiv <br />b. TheCi <br />for use <br />The above Setllen <br />Sion or development of the West Property; or <br />y enters into a contract to acquire a portion or all of the West Property <br />as a city park or other publie facility; or <br />c. Decern >cr 31,2001. <br />ent Agreemom is for settlement purposes only witMn Rule 407 of the <br />Rules of Evidence and is i ubjcci to the approval of tha Orono City Council <br />TONKA VENTURES, LLC CITY 0? ORONO <br />By: <br />Its; <br />By: <br />Its: <br />Uiti\iy(n