8.1 SR 08-15-2022 - Laserfiche WebLink

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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 twent�--five percent (25%) of final certified construction costs to secure the warranty in Section 7(12) hereo£ 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. 10. Res�onsibilit� for Costs. (01) Except as otherwise specified herein, the De�Teloper 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 cin� 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 De�reloper shall hold the Cin- 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 De�=eloper 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 thirt�r (30) day s after receipt If the bills are not paid on time, the Cit�� may halt development and construction within the Subdivision until the bills are paid in full. Bills not paid within thirt�r (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 availabilit�- charges ("SAC"), Municipal water connection charges, City sewer connection charges, and builcling 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 De�=eloper, if there be more than one, shall mean each and all of them. This Agreement shall be placed of record so as to gi�=e notice hereof to subsequent purchasers and encumbrances of all or any part of the Subdivision, and all recording fees, if any, shall be paid by the Developer. (01) Severable. In the event that anyportion of this Agreement shallbe held invalid for anyreason, the same shall not affect in any respect whatsoever the validity of the remainder of this Agreement.