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Termination of DA Spring Creek Ustick MDA 11-008'` RDA COUNTY RECORDER Christopher D. Rich AMOUNT .00 When recorded, please return to: BOISE IDAHO 1~l12l11 12:27 PM City Clerk DEPUTY Bonnie Oberbillig ciTYOFMERIDIAN RECORDED-REQUEST OF Meriden, daho 83642 M 111 ~~~~~~, eridian City TERMINATION OF DEVELOPMENT AGREEMENT Spring Creek Ustick (Ashtyn Park Subdivision) MDA 11-008 This Termination of Development Agreement (this "Termination") made by the City of Meridian, an Idaho municipal corporation ("City") for the benefit of IRET Properties, a North Dakota limited partnership ("Owner"). WHEREAS, City entered into that certain Development Agreement with Owner's predecessor-in-title dated January 23, 2007 and recorded in the real property records of Ada County, Idaho on February 15, 2007 as Instrument No. 107022433 (the "Development Agreement") and that certain Addendum to Development Agreement with Owner's predecessor-in-title dated August 24, 2010 and recorded in the real property records of Ada County, Idaho on August 25, 2010 as Instrument No.110078719 (the "Addendum"). WHEREAS, Section 19 of the Development Agreement and Section 3 of the Addendum provide that City will execute appropriate and recordable evidence of termination of Development Agreement and Addendum upon request if City determines that the `Owner/Developer' thereunder has fully performed its obligations; WHEREAS, Owner's predecessor-in-title believes it has fully performed its obligations under the Development Agreements, and requested the City execute appropriate and recordable evidence that Development Agreement and Addendum have terminated; WHEREAS, City held a public hearing on September 27, 2011 to consider the above request and determined that the `Owner/Developer' under the Development Agreement and Addendum has fully performed its obligations thereunder; and WHEREAS, City desires to execute and record this Termination to memorialize the termination of the of record that the Development Agreement and Addendum have been terminated as is no longer of any force or effect. NOW, THEREFORE, in consideration of the recitals above, City declares and confirms that the Development Agreement and Addendum hereby terminated and no longer of any force or effect whatsoever. IN WITNESS WHEREOF, the parties have executed this Memorandum effective as of the ~ ~ ~ day of ~~~, 2011. CITY OF MERIDIAN, an Idaho municipal corporation 0~,,'CIrD A j/G~sr ~4~ t ~L By. l,~ . ~, ~~y ~f ayor Ta de Weerd ATTEST: E ID~AN ,, ioAr~o EAI, ~ti ayce Holman, City Clerk '~~ o~ ~4®y'' ~~e rae~5 TERMINATION OF DEVELOPMENT AGREEMENT -1 1278957-1 r .7. STATE OF IDAHO County of Ada :ss. On this ~ ~ day of , 2011 before the undersi ned nota u 1' ' g ry p b is in and for the said state, personally appeared Tammy de Weerd and Jaycee L. Holman, known or identified to me to be the Mayor and City Clerk of the City of Meridian and the persons who executed and attested the foregoing instrument on behalf of said City and acknowledged to me that said City executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. ~~~~~~~ h, • s ~, • ~ ~t`~ r ~,P- ~ ~ '~~~ ',©: M~1 xi ~ ~ ~~ •~~ ~;q. tary Public r Idaho Residing at: eXt l ~1 l ~ My Commission Expires: L ~ TERMINATION OF DEVELOPMENT AGREEMENT - 2 1278957-1