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<br />THIRD AMENDMENT TO <br />PRELIMINARY DEVELOPMENT AGREEMENT <br /> <br />THIS AGREEMENT is made and entered into as of this 30th day of March, 2009 by and <br />between the CITY OF ARDEN HILLS, a Minnesota municipal corporation (the "City"), and <br />RRLD, LLC, a Delaware limited liability company (the "Developer"). <br /> <br />RECITALS <br /> <br />WHEREAS, the City and Developer entered into that certain Preliminary Development <br />Agreement dated March 30, 2007 as amended by the First Amendment thereto dated April 30, 2007 <br />and a Second Amendment thereto dated March 10, 2008 (the "PDA"), and <br /> <br />WHEREAS, the parties have determined a need to amend the PDA as further described <br />herein; <br /> <br />NOW, THEREFORE, in consideration of the covenants and obligations of the parties <br />hereto, the City and the Developer hereby agree as follows: <br /> <br />1. Section II of the PDA is amended to read as follows: <br /> <br />Section 11. Term of Agreement. This Agreement shall be effective through May 15, <br />2009, subject to earlier termination in accordance with Section 12. If for any reason an MDA has <br />not been entered into by the parties within the term of this Agreement or any other mutually <br />approved extension thereof, this Agreement shall be null and void and neither party thereafter shall <br />have any liability or obligations to the other except as otherwise provided in Section 12(c) in this <br />Agreement. <br /> <br />2. The PDA remains in full force and effect and is not modified except as expressly <br />provided herein. <br /> <br />(Remainder of this page intentionally blank) <br />