5.0. SR 04-21-1994 - Laserfiche WebLink

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FROM LRRKIN HOFFMRN DRLY LINDGREN 612-8963265 04.20.1994 12153 P. 12 e Virtually the, entire cost of these Improvements will be incurred by City prior to occupancy of the Project. To insure that the cost of installing the City Installed Improvements will be paid if the Project does not proceed, Developer shall file with the City Clerk a cash deposit, a penal bond with corporate surety acceptable to City, or an irrevocable and unconditional Letter of Credit substantially in the form attached hereto as Exhibit E from a bank acceptable to the City, in the amount of Two Million Dollars ($2,000,000.00). Said Letter of Credit shall provide that funds shall be paid to City upon written demand of City to the extent of default herein by Developer in the payment of any amount due or the performance of any other duty or obligation of Developer pursuant to this Agreement, including Developer's obligation to make payment of Special Assessments for Improvements pursuant hereto, whether accelerated or otherwise. No work will be commenced on the City Installed Improvements until Developer has filed the cash deposit, bond or Letter of Credit. The cash deposit shall be refunded, or the bond or Letter of Credit released, when Certificates of Occupancy have been issued for One Hundred Twenty-seven Thousand (127,000) square feet of gross floor space on Block 2 of the Subdivision and the security required pursuant to Section 12(02) has been submitted and'accepted by City. (02) Security for P~yment of Assessments - Upon release of the security required by Section 12(01) above, Developer shall provide City with a guarantee, substantially in the form attached hereto as Exhibit F, from Kraus-Anderson Incorporated (Guarantor) in the amount of the total assessments against the Subdivision then outstanding (the Guarantee). The Guarantee shall remain in effect until all of the special assessments are paid, but may be reduced from time to time as payments are made on the special assessments and as alternative security is provided for the payment of special assessments on Lots which Developer has sold to third parties. (03) Remedies on Default - In the event Developer, 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, City, at its option, in addition to its other rights and remedies, by written notice of default given to Developer and Guarantor, and if not cured within thirty (30) days after said written qotice of if such default would normally take longer than thirty (30) days to cure then if not cured in such longer time as shall be required provided Developer commences the cure in such thirty (30) day period and diligently pursues such a cure thereafter, may declare all amounts to be paid by Developer pursuant to this Agreement, including all of the unpaid special assessments which are then estimated or levied pursuant to this Agreement, due and payable in full, with el I ; j I I I ! , I I i I I I .1 I I I I i I I ! 12.