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(reserved for recording informarion) <br /> DEVELOPMENT CONTRACT <br /> and <br /> PLANNED RESIDENTIAL DEVELOPMENT AGREEMENT <br /> (Developer Installed Improvements) <br /> BENNETTS NORTHERN WOODS <br /> Project File Numbers 18-3994&LA18-000025 <br /> This DEVELOPMENT CONTRACT ("Contract") dated June 25, 2018, is by and <br /> between the CITY OF ORONO, a Minnesota municipal corporation ("City"), and ArtCraft <br /> Homes,Inc., a Minnesota corporation ("Developer"). <br /> 1. REQUEST FOR PLAT AND PLANNED RESIDENTIAL DEVELOPMENT <br /> APPROVAL. The Developer has asked the City to approve a plat and a Planned Residential <br /> Development for "Bennetts Northern Woods" ("Plat"). The land to be subdivided by the Plat <br /> ("Land") is situated in the City of Orono, County of Hennepin, State of Minnesota, and is legally <br /> described on Eghibit A attached hereto. <br /> 2. CONDITIONS OF PLAT AND PLANNED RESIDENTIAL <br /> DEVELOPMENT APPROVAL. The City hereby approves the Plat and Planned Residential <br /> Development on condition that the Developer enters into this Contract and furnishes the security <br /> required by it. The City will cause the Plat to be duly recorded in the office of the Registrar of Titles <br /> or County Recorder in and for Hennepin County, Minnesota, promptly after compliance by the <br /> Developer with all conditions precedent to such recording pursuant to this Contract, which <br /> conditions precedent the Developer shall cause to be satisfied within 180 days after the City Council <br /> approves the final Plat. <br /> 180976 <br /> 1 <br /> 196841v4 <br />