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ROW 81 Tblis Development Agreement ("Agreement") is made between IMKD3 ILC, a Delaware Im'u*ted liabifity company and Arden Hills 1031 LLC, all Illinois 111111,ted lability company collectively "KDP") alid die City of Arden Hills, Milinesota ("City") alid is entered llito as ofApril 12,2021, WAEREAS, Kensiligton Development Partilers, hic., all lffiiois colporati Kensingtonis under contract (the "Contract") to buy the real estate conimonly known as 378 Lexington Avenue, Arden Hills, MN (die "KDP Parcel"); mid WHEREAS, KDP has succeeded to Kensuilgton's interest Hii die Contract and die KD Parcel by accepting all assignment of the Contract from Kensuigton; and WHEREAS, die County of Ramsey, MU'lliesota. ("County") is perforMling certaiii road improvements to I&XIligtoil Avenue (the "ProjecO, which improvements include construction of full access (right Hii/right out/left 110eft out) traffic signal and intersectioll/curb cut/entry apro adjacent to and leadfiig Hilto die KDP Parcel U'l die locations shown oil the site j2lali att.2cliedher. MINE -= R l tiarc.el,iiewcurDsasstiowiioi,m' le Site Plan; and such offier wa J work as may be necessary to cause that part of LexHilgton Avenue that is adjacent to the KDP Parc to conform to die Site Plan (which work is collectively called the "ROW Work"); alid d WHEREAS, KDP llitends to redevelop the KDP Parcel for grocery purposes and th grocery tenant is reiulriiig that the ROW Work be completed lio later diali October 31. 2022 LtUi 1.Mr411=JM= WHEREAS, the County has entered H'ito all intergovernmental agreement with other counties mid goveniment entities to share the expenses of die Project (which Hilcludes dic ROW Work) which u'iter&ovenimental ay.M-cmeilt icrovides dica Grocery Deadffile; and IP, EAS, should the County, mid the other parties under the intergovernmental a_,-4reemeiit ( i) fail to cause the Pro'lect Jwhich includes die ROW 1, 2022 and/or (ii) fail to award a contract for the ROW Work by February 1, 2022 (the matters Hil Ill and [ ill aforesaid are lierelliaft.er called the "Trigger Events"), then the ROW Work may not be completed by die Grocery Deadline M which event, KDP will suffer severe econorilic repercussiolis under its agreement with the grocery terialit; and WHEREAS, pursumit to that certain Memormidum of Understmidilig date(i April 12, 2021 (die "MOU") between the County mid die City, die County mid City have agreed that. if the Trigger Events occur, then KDP will assume the obligation, at KDP's cost, to perforin die KDP ROW Work (defuied hereinafter) and complete same by die Grocery Deadline; and 00 1 15750DOC / v. I