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42. RUSSELL RANCH IV AND V SUBDIVISIONS DEVELOPMENT AGREEMENT Arizona Business Bank (ABB) is the beneficiary under a Construction Deed of Trust recorded against the 68.13 acres that comprise the Russell Ranch IV and V subdivisions. ABB has commenced foreclosure proceedings under the Deed of Trust. Western Real Estate Investors, Inc. (WREI), which is an affiliate of ABB, will take title to the property in lieu of ABB if WREI is the successful bidder at the pending trustee’s sale. WREI does not intend to develop the property, but to sell the property to be developed by a future owner. Violations of the Maricopa County Zoning Ordinance, Drainage Regulations and Subdivision Regulations currently exist on the property. This development agreement seeks to document WREI’s obligations relative to any existing violations and define the manner in which the County will process future applications on the subject property. This development agreement will also serve as a compliance agreement, resolving any and all violations existing or pending on the property. (C-44-11-074-M-00)