Development Contract - Honey Hill

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Following Final Plat, the Subject Property will be legally described as: Lots 1 through 6, Block 1, Honey Hill on Lake Classen, Hennepin County, Minnesota, according to the recorded plat thereof; and Outlot A, Honey Hill on Lake Classen, Hennepin County, Minnesota, according to the recorded plat thereof. 2. Conditions of Plat Approval. The Plat shall adhere to the purpose and intent of the Orono Community Management Plan, as amended. The City hereby approves the Plat on condition that Developer enter into this Contract and furnish the security required by it. The City will cause the Plat to be duly recorded in the Office of the Hennepin County Registrar of Titles and in the Office of the Hennepin County Recorder, promptly after compliance by Developer with all conditions precedent to such recording pursuant to this Contract, which conditions precedent Developer shall cause to be satisfied within 180 days after the City Council approves the final Plat. 3. Right to Proceed. Within the Land, Developer may not grade or otherwise disturb the earth, construct streets, utilities, public or private improvements, or any buildings until the following conditions have been satisfied: 1) this Contract has been fully executed by both parties and filed with the City Clerk; 2) the necessary Security, as defined in Section 26 of this Contract, has been received by the City; and 3) the Plat has been duly recorded in the Office of the Hennepin County Registrar of Titles and the Office of the Hennepin County Recorder. 4. Phased Development. The Plat is not part of a phased development. 5. Preliminary Plat Status. The Preliminary Plat was approved by the Orono City Council on July 8, 2024, subject to the Findings of Fact and conditions of approval set forth in Resolution No. 7490. 6. Changes in Official Controls. For two (2) years from the date of this Contract, no amendment to the City's Comprehensive Plan or official controls shall apply to or affect the use, 2 232402v15