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CITY OF ARDEN HILLS <br /> ARDEN VILLAGE <br /> DEVELOPMENT AGREEMENT <br /> AMENDMENT NO. 2 <br /> PC# 09-021 <br /> 1.0 Parties. This Amendment No. 2 to the Arden Village Development <br /> Agreement if dated the 10' day of May, 2012, and is entered into by and between the <br /> City of Arden Hills, a Minnesota statutory city ("City"); and Arden Village, LLC, a <br /> Minnesota Limited Liability Corporation ("Arden Village"). <br /> 2.0 Recitals. <br /> A. The City and Arden Village are parties to the certain Arden Village <br /> Development Agreement dated March 8, 2010 ("Agreement"). <br /> B. The City approved Amendment No. 1 to the Agreement dated May 9, <br /> 2011, amending Section 5.0 Subd A.2 of the Agreement. <br /> C. The Parties wish to further Amend Section 5.0 Subd A.2 of the Agreement <br /> as hereinafter specified. <br /> 3.0 Terms and Conditions of Permit. In consideration of the City's development <br /> approvals; in compliance with the City's development regulations and in <br /> consideration of the undertakings expressed herein, the parties agree: <br /> A. Section 5.0 Subd A.2 is hereby amended in its entirety to read as follows: <br /> Arden Village shall obtain building permits on or before June 30, 2013, <br /> or the PUD Plan approval shall expire unless extended by the City <br /> Council prior to the approval's expiration date. Extension requests shall <br /> be submitted in writing to the City staff at least 45 days prior to the <br /> expiration date. <br /> B. All other provisions of the Agreement shall remain in full force and <br /> effect. <br /> 1 <br />