4G, Planning Case 11-011 – Select Senior Living of Arden Hills

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c. Furtl�er provided #hat, in �he event that the Ciry, as part of its Streetscape Impro�em�nt Project, removes any sidewalk improvements constructed by 1201 TAT as part a� this Development Agr�ement, 1201 TAT shall receive credit against its Proposed Special Assessment for Sireetscape Irnproveznents in the following manner: i. If the Streetscape Sidewalk Improvements are constructed within one year of the execution date of �iis Agreemeni, 1201 TAT sha11 receive 100% credit for its sidewalk improvement cos�s; and ii. If such improvemen� are constructed after one year of ihe execution date of this Agreement, a depreciation rate of 5 percent per year shall be used, and the Ciiy shail credit ihe assessment in the amount of the depreciated cost. Z. 1201 TAT shall convey temporary construciion easements over Lot 2 to the City for implementing the Coun.ty Road E streetscape irnprovements. The City shall reasonably restore the area of the temporary construciion easement to its condition prior to construction of tlae streetscape improvements. F. Binding Effect. The terms and provisions of this Agreernent sha�l be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties h.ereto and shall be binding upon all future owners af all or any part of the Property. This Agreement, at the option of the City, shall be placed of record so as to give notice thereto to any subsequent purchasers and enc�unbrances of all or any part of the Property and aIl recording fees, if any, shall be paid by the 1201 TAT. G. Default. The occurrence af any of the following shall be consider�d an "Event of Default" in the terrns and conditians contained in this Agreement: 1. Failure of 1201 TAT to comply with any of the ternns and conditions contained in this Agreement. 2. The failure of 1201 TAT to comply with any applicable ordinance or sta.tute with respect to the developmeni of the Property. H. Remedies. Upon the occurrence of any Event af Defauli, the City, i� additian ta any other remedy which may be available to it, shall be permitted to do any of the following: 1. Ciiy ma� make advances or take oiher steps to cure the default, and, where necessary, enter the Property for that purpose. 1201 TAT shall pay alI sums so advanced or expenses incurred by the City, upon demand, with interes# from the dates of such advat�ces or expenses at the raie of 10% per annum. No aciion taken by the City pursuant to this section shall be 4