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SUBDIVISION AND DEVELOPMENT AGREEMENT FOR RIVERFRONT ADDITION This Agreement is made and entered into this _ day of August, 2005, by and between the City of Hastings, a Minnesota Municipal Corporation ("City"); the Housing and Redevelopment Authority In and For the City of Hastings, a public body corporate and politic("HRA"); and Waternont Lofts LLC, a Minnesota LLC ("Developer"); and WHEREAS, Developer proposes to purchase the property to be platted as Riverrront Addition in the City of Hastings, Dakota County, Minnesota; and WHEREAS, Developer intends to undertake the development and construction of a residential and commercial development within said plat; and WHEREAS, Developer proposes to develop the Subject Property in no more than three phases; and WHEREAS, Developer also seeks site plan approval for improvements to be constructed as part of Phase 1; and WHEREAS, all parties to this Agreement desire to memorialize various agreements and understandings concerning matters of mutual interest regarding the Subject Property and any construction thereon. NOW, THEREFORE, it is hereby agreed between the parties as follows: 1. Aoolication of Subdivision and Develooment Allreement This Subdivision and Development Agreement shall apply to the following property in the City of Hastings, Dakota County, Minnesota, ("Subject Property"), legally described as: Riverfront Addition, According to the recorded plat thereof, on file with the Dakota County Recorder's Office. All references in this Development Agreement to a lot or block shall refer to a lot, block or outlot contained in the plat thereof. 2. Authoritv to Make Allreement Developer warrants it has full authority to enter into this Subdivision and Development Agreement and perform the conditions herein