4.3 SR 12-05-2022 - Laserfiche WebLink

Home Browse Search

` 331G39 (10) City Asygry!—am ='ThC Ci[y shxil acccp[, aC no cost, ownership of the Improvetnen.ts within thirty (30) bays following receipt by the City of notice from Developer that such Improvements have been completed, provided that such Improvements have been constructed in compliance with the plans and specifications therefor and City requirements with respect thereto as determined by the City. a.) Teter aDd Sewer Facilities - Developer acknowledges that the Subdivision has been assessed or will be by the City for trunk water and sewer facilities (Trunk Improvements), and agrees to make paytaent of the assessments levied against the Subdivision for Trunk Improv=cnts as required by the terms of this Agreement. Special assessments for the Trunk improvements shall be levied at the rate of Three Thousand. Eight Hundred Dollars (S3,800,00) per acne for the entire Subdivision and shall be apportioned equally to each of the tots within the: Subdivision. (01) 1122ILU e to u e - Developer hereby agrees for itself, its heirs, successors and assigns, to pay one hundred percent (100%) of the entity unpaid assessments for the Trunk Improvements then outstanding against any lot within the Subdivision upon the sale of that lot and home constructed thereon to a homebuyer. Developer will notify all lending institutions or persons involved M1 the sale of lots within the Subdivision of this prepayment requirement, and shall direct said lending institutions or others to make the required prepayments out of the proceeds of lot sales. Failure to mare prepayments as required by this Section 5 shall be a breach of this Agreement and City shall have the right to draw on the security provided by Developer under Section 8 hereof in the event of such a breach. If a lot is sold to a homebuyer before the special assessments are levied, the amount of the prepayment small be equal to one hundred five percent (105%) of the City's estimate of the special assessments that shall be levied against the property to be transferred. (02) ILemiji - The prepayments required pursuant to Subsection 01 of this Section shall be deposited with the City or, at the City's discretion, with an escrow agent. The amount so deposited and aqy accrued interest shall be credited to payment in full of the assessments against the lot(s) sold to homebuyers. Excess deposits shall be refunded to the owner of the affected lot. 6.) Default - (01) eau In the event Devcloper, or its heirs, successors or assigns, violates any of the covenants and agreements herein contained, or fails to pay any installment of any special assessment levied pursuant hereto, or any interest thereon, when the same is to be paid pursuant hereto, the City, at its option, in addition to its other rights and remedies, by written notice of default given to Developer, may declare all amounts to be paid by Developer pursuant to this Agreement, including all of the unpaid special assessments which are Bien estimated or levied pursuant to this Agreement, due and payable in fall, with interest, M LU113 0 100'ON SzVLT V + gya 67-�T-ti 95/ZT,/90 -