4.3 SR 12-05-2022 - Laserfiche WebLink

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33iG39 immediately, or on such date as the CiEy shall specify in its notice of default to Developer. If Developer fails to make payment in the amount and at the time specified in the Ciry's notice of default to Developer, City may, at its option, draw on the security provided by Developer pursuant to Section 8 of this Agreement and/or commence legal action against Developer to collect the entire amount owed by Developer, including the unpaid balance of the special assessments levied or estimated pursuant hereto, with interest, including reasorable attorneys' fees. Developer shall be personally liable for such special assessments and, if more than one, such liability shall be ,point and several. (01) Fork Dedictation - In full satisfaction of the dedication requirements of Section 1008.I8 of the Subdivision Ordinance, Developer agrees to pay and the City agrees to accept, the sum of $8,000.0D, which Developer agrees is equivalent to the fair marker value of the land which it would be required w dedicate. The above sum shall be paid prior to release of the fiaai plat for recording. S.)Security far Develo is Pe ormance (01) No work shall be commenced under this Agreement, and the Final Plat of the Subdivision will not be executed by the City or released for recording, until the Developer has filed with the City Clerk a cash deposit or an irrevocable and unconditional arter of Credit substantially in the form attached hereto as Exhibit C from an Elk River bank acceptable to the City, or some equivalent security acceptable to City in its sole discretion, in the amount of Seventy -Seven Thousand Eight Hundred Fifty Dollars ($77,850.00). Said Letter of Credit shall provide that funds shall be paid to the City upon written demand of the City to the extent of default herein by Developer in the payment of any amount due or the performance of any other ditty or obligation of Developer pursuant to this Agreement, including Developer's obligations to complete Developer Improvements, to complete Landscaping Improvements, and to make payment of special assessments levied pursuant hereto, wbether accelerated or otherwise. (02) The security provided in accordance with the above shall be released upon inspection and approval by City of Developer installed improvements, except that. { the security will not be released to an amount less than the amount of Developer's total indebtedness to the City pursuant to the terms of this Agreement, incIud*Mg she total assessments, interest and penalties outstanding at the release date, and (b) the security will not be released below Twenty Thousand Dollars (520,000.00), until all special assessments levied pursuant to this Agreement have been paid in full and all other obligations of Developer M IZCII3 OZO/900C{ M TN 96/£l!g '