4D - Final Plat of Keen Addition (continued), Berens

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DEVELOPMENT AGREEMENT KEEN ADDITION THIS AGREEMENT, made and entered into this day of April 2006, by and between the City of Pequot Lakes, a municipal corporation organized under the laws of the State of Minnesota(the "City"), and Al Berens (the "Developer"). RECITALS: WHEREAS, the City approved the preliminary and final plat for the Developer entitled "Keen Addition", subject to execution of this Agreement. WHEREAS, the property that is the subject of this Agreement is legally described as follows (the "Property"): Legal Description attached hereto as Exhibit A WHEREAS, the Developer has received approval from the Pequot Lakes Planning Commission and City Council for a plat of land within the corporate limits of the City known as Keen Addition, hereinafter called "Subdivision" (legal description attached as Exhibit A); and -� WHEREAS, the Developer is to be responsible for the installation and financing of certain improvements within the plat; and WHEREAS, City Ordinances and Minnesota Statute 462.358 authorize the City to enter into a performance contract secured by cash escrow or other security to guarantee completion and payment of such improvements following final approval and recording of final plat including payment of the City's legal and engineering fees and expenses; and NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions hereinafter contained, it is agreed as follows: I. Approvals. A. Subject to the terms and conditions of this Agreement, the City hereby approves for recording the plat known as Keen Addition. B. The Developer agrees that the plat shall be developed in accordance with the following documents and exhibits attached hereto, including plans and specifications for improvements, which are hereby incorporated by reference as if fully set forth herein. .� 2