3.6. SR 10-16-2006 - Laserfiche WebLink

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Devel~per Agreement Trott Brook Farms 12th Page 6 approved plans and specifications therefore and shall comply with all terms of any and all contracts entered into by the Developer for the installation and construction of all such Improvements, at no expense to the City. Developer hereby guarantees the workmanship and materials respecting such Improvements for a period of one (1) year following the City's final acceptance of the Improvements and agrees to repair or replace, as directed by the City, and at Developer's sole cost and expense, any work or materials that become defective, in the sole opinion of the City, within said one (1) year period even though notice thereof be given by the City after said one (1) year period. (10) City Acceptance - The City shall accept, at no cost, ownership of all Improvements provided that such Improvements have been constructed in compliance with the plans and specifications therefore and City requirements with respect thereto as determined by the City. 4.) City Installed Improvements The Subdivision will have no City installed Improvements. 5.) Required Prepayment of Assessments There .are no assessments levied against the Subdivision. 6.) Default Acceleration 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 amount due to the city, the City, at its option, in addition to its other rights and remedies, by written notice of default given to the Developer, may declare all amounts to be paid by the Developer pursuant to this Agreement, , due and payable in full, with interest, immediately, or on such date as the City 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 City'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 reasonable attorneys' fees. Developer shall be personally liable for such amounts due and, if more than one, such liability shall be joint and several. 7.) Park Dedication - Park dedication requirements have been satisfied with the provision of Trott Brook Farms park. 8.) Security for Developer's Performance - (01) No work shall be commenced under this Agreement, and the Final Plat of the Subdivision will not be released for recording, until the Developer has filed with the City a cash deposit or an irrevocable and unconditional Letter of Credit acceptable to the City, in the amount of Four Hundred Twenty-Seven Eight Thousand Ninety-six and 35/100 Dollars ($427,896.35). Said Letter of Credit shall also 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 duty or obligation of Developer pursuant to this Agreement, including Developer's obligations to complete Developer Improvements, to complete on-site Landscape Improvements, and to make payment of any amounts due hereunder. S:\PLANNING\Case Files\2006\Plat\P 06-11 Trott Brook Farms 12th\Trott Brook 12 Development Agreement.DOC