4.15 SR 06-06-2022 - Laserfiche WebLink

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7 the City, Developer shall either pay the deficient amount in cash to the City or have the Letter of Credit restored to its full amount (03) Maintenance Bond. The Developer shall post maintenance bonds in the amount of twenty-five percent (25%) of final certified construction costs to secure the warranty in Section 7 (12) hereof. The City shall retain ten percent (10%) of the security posted by the Developer until the maintenance bonds are furnished to the City or until the warranty period expires, whichever first occurs. The retainage may be used to pay for warranty work, grading, erosion control, and as built survey escrow. (04) Water Availability Charges. Developer shall pay Water Availability Charge in the amount of Thirty-Five Thousand, Four-Hundred Ninety and 00/100 dollars ($35,490.00), ($390 per unit). The balance of Water Availability Charges per unit shall be paid at the time of building permit. 10. Responsibility for Costs. (01) Except as otherwise specified herein, the Developer shall pay all costs incurred by it or the City in conjunction with the development of the Subdivision, including but not limited to Soil and Water Conservation District charges, legal, planning, engineering and construction observation inspection expenses incurred in connection with approval and acceptance of the plat, the preparation of this Agreement, review of construction plans and documents, the payment of fines and penalties imposed on the city as a result of non-compliance with any permit or failure to obtain necessary permits, and all costs and expenses incurred by the City in monitoring and inspecting development of the Subdivision. (02) The Developer shall hold the City and its officers, employees, and agents harmless from claims made by itself and third parties for damages sustained or costs incurred resulting from plat approval of the Development. The Developer shall indemnify the City and its officers, employees, and agents for all costs, damages, or expenses which the City may pay or incur in consequence of such claims, including attorneys’ fees. (03) The Developer shall reimburse the City for costs incurred in the enforcement of this Agreement, including engineering and attorneys’ fees. (04) The Developer shall pay, or cause to be paid when due, and in any event before any penalty is attached, all special assessments referred to in this Agreement. This is a personal obligation of the Developer and shall continue in full force and effect even if the Developer sells one or more lots, the entire plat, or any part of it. (05) The Developer shall pay in full all bills submitted to it by the City for obligations incurred under this Agreement within thirty (30) days after receipt. If the bills are not paid on time, the City may halt development and construction within the Subdivision until the bills are paid in full. Bills not paid within thirty (30) days shall accrue interest at the rate of eighteen percent (18%) per year. (06) In addition to the charges and special assessments referred to herein, other charges and special assessments may be imposed such as but not limited to sewer availability charges (“SAC”), Municipal water connection charges, City sewer connection charges, and building permit fees. 11. General Provisions Binding Effect. The terms and provisions hereof shall be binding upon, and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or part of the Subdivision and shall be deemed covenants running with the land. References herein to Developer, if there be more than one, shall mean each and all of them. This Agreement