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DEVELOPMENT AGREEMENT <br /> TRAILSIDE ESTATES <br /> THIS AGREEMENT, made and entered into this 23d day of October 2006, by and <br /> between the City of Pequot Lakes, a municipal corporation organized under the laws of <br /> the State of Minnesota (the "City"); and Carl J. Smith, Jr. and Colleen Smith, husband <br /> and wife, and Trailside Estates Development, LLLP, 19513 State Hwy 371, Brainerd, <br /> MN 56401 (collectively the "Developer"). <br /> RECITALS: <br /> WHEREAS, the City approved the preliminary and final plat for the Developer entitled <br /> "Trailside Estates", subject to execution of this Agreement. <br /> WHEREAS, the property that is the subject of this Agreement is legally described as <br /> follows (the "Property"): <br /> Legal Description and Final Plat attached hereto as Exhibit A <br /> WHEREAS, the Developer has received approval from the City Council for a plat of land <br /> within the corporate limits of the City known as Trailside Estates, hereinafter called <br /> `., "Subdivision/Plat/Development" (legal description attached as Exhibit A); and <br /> WHEREAS, the Developer is to be responsible for the installation and financing of <br /> certain improvements within the Plat; and <br /> WHEREAS, the City Code and Minnesota Statute 462.358 authorize the City to enter <br /> into a performance contract secured by cash escrow or other security to guarantee <br /> completion and payment of such improvements following final approval and recording of <br /> final plat including payment of the City's legal and engineering fees and expenses; and <br /> NOW, THEREFORE, in consideration of the premises and the mutual promises and <br /> conditions hereinafter contained, it is agreed as follows: <br /> I. Approvals. <br /> A. Subject to the terms and conditions of this Agreement, the City hereby <br /> approves for recording the Plat known as Trailside Estates. <br /> 2 <br />