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185379v1 1 (Space Reserved for Recording Data.) CERTIFICATE OF COMPLETION AND RELEASE OF DEVELOPMENT AGREEMENT Date: _______________, 2016 WHEREAS, the CITY OF ARDEN HILLS, a Minnesota municipal corporation (“City”), and JOSEPHINE EAST, LLC, a Minnesota limited liability company (“Developer”) entered into a Development Agreement dated August 23, 1999 (“Development Agreement”) and recorded October 11, 1999 as Ramsey County Document No. 1577440. WHEREAS, Developer has performed and met all requirements of the Development Agreement and there is no longer a need to preserve the City’s rights as detailed in the Development Agreement as recorded against the property, except that the City reserves the right to enforce paragraphs 1E and 1G of the Development Agreement which state in their entirety as follows: 1.E. Escrow for Future Extension of Shoreline Lane. As part of the Approval, the Developer is not being required to fully improve Shoreline Lane through the entire Property at the present time. In order to assure the availability of funds for the future improvement of Shoreline Lane to the north property line of the Property, the Developer shall deposit with the City the amount of $21,750. Said amount shall be in addition to, and may be co-mingled with, the Improvement Escrow funds referred to in Subsection N below. The escrow shall be held by the City until the completion by the Developer of the improvements effecting the extension of Shoreline Lane to the northerly boundary of the plat. 1.G. Basement Elevations. The Developer hereby agrees that no structure shall be constructed on the Property with the basement which has an elevation below 887.8 feet. This condition, at the option of the City, shall be placed in the form of a recordable instrument recorded/registered against the Property. NOW, THEREFORE, this Certificate of Completion and Release is to certify that the Developer has fully complied with its obligations under the Development Agreement and the