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MEMORANDUM OF CONTRACT <br /> THIS MEMORANDUM OF CONTRACT(this "Memorandum") is entered into as of December <br /> 20, 2010 by and between the CITY OF ARDEN, MINNESOTA, a Minnesota municipal corporation <br /> ("City"), and PRESBYTERIAN HOMES OF ARDEN HILLS, INC., a Minnesota nonprofit corporation <br /> ("Developer'). <br /> RECITALS: <br /> A. City and Developer (collectively, the "Parties") have entered into a certain Contract for <br /> Private Redevelopment Agreement dated as of December 20, 2010 (the "Agreement'-), whereby the <br /> Parties have agreed to various aspects of the redevelopment of certain real property more particularly <br /> described as Lot 1, Black 1, PHS Addition of Arden Hills, according to the recorded plat thereof, Ramsey <br /> County, Minnesota, together with all improvements, tenements, easements, rights and appurtenances <br /> pertaining to such real property, lying and being in Ramsey County,Minnesota(the"Property"). <br /> B. The Parties wish to give notice of the existence of the Agreement. <br /> AGREEMENT: <br /> NOW, THEREFORE, in consideration of the sum of One and 00/100 Dollar ($l.00) and other <br /> good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the <br /> parties hereto agree as follows: <br /> l. The above Recitals are incorporated by reference as if fully set forth herein. <br /> 2. Capitalized terms, when not defined herein, shall have the meanings ascribed to them in <br /> the Agreement. <br /> 3. The Parties have entered into the Agreement to set forth the terms and provisions <br /> governing the redevelopment of the Property. <br /> 4. This Memorandum has been executed and delivered by the Parties for the purpose of <br /> recording and giving notice that a contractual relationship for the redevelopment of the Property has been <br /> created between the Parties in accordance with the terms, covenants, and conditions of the Agreement. <br /> 5. The terms and conditions of the Agreement are incorporated by reference into this <br /> Memorandum as if fully set forth herein. <br /> 6. This Memorandum may be executed separately in counterparts which, when taken <br /> together, shall constitute one and the same instrument. <br /> 380037v t 5JB AR200-10 <br />