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STATE OF MINNESOTA ) <br /> ss <br /> COUNTY OF CROW WING) <br /> The foregoing instrument was acknowledged before me this day of <br /> 2006 by Cathy Malecha, the Mayor, and Sandy Peine, the City <br /> Clerk, respectively, of the City of Pequot Lakes, a Minnesota municipal corporation, on <br /> behalf of the corporation. <br /> Notary Public <br /> STATE OF MINNESOTA ) <br /> ss. <br /> COUNTY OF CROW WING) <br /> The foregoing instrument was acknowledged before me this day of <br /> 2006, by Carl Smith and Colleen Smith, husband and wife, <br /> Developers. <br /> Notary Public <br /> This Instrument Drafted By: <br /> Paul J. Sandelin <br /> SANDELIN LAW OFFICE <br /> 30849 First Street <br /> P.O. Box 298 <br /> Pequot Lakes, MN 56472 <br /> Phone (218) 568-8481 <br /> Fax (218) 568-8444 <br /> S:\LAW\TEXT\25000.047\Development Agreement.doc <br /> 16 <br />