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11-14-16-R
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11-14-16-R
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11/10/2016 3:18:19 PM
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7 <br />189822v4 <br />credit issued by a FDIC-insured Minnesota bank, and be in a form acceptable to the City. The <br />purpose of the letter of credit is to ensure that site improvements are completed in the event that <br />the Developer defaults on this Agreement. <br /> (2) The Developer shall submit a financial surety in the amount of 125% of <br />the estimated costs of landscaping prior to the issuance of any development permits. The <br />financial surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota <br />bank. The purpose of the letter of credit is to ensure that landscaping is completed in the event <br />that the Developer defaults on this Agreement. The City will hold the letter of credit for two <br />years after the installation of landscaping. The letter of credit should not expire during the two- <br />year period. <br />E. Escrow. <br /> (1) The Developer shall submit a cash escrow in the amount of 25% of the <br />estimated costs of site improvements, including grading, utilities, and paving, prior to the <br />issuance of any development permits. The escrow will be used for City costs related to review, <br />approval, and inspection of site improvements or any costs incurred by the City in the event of a <br />default by Developer. <br /> (2) The Developer shall submit a cash escrow in the amount of 25% of the <br />estimated costs of landscaping prior to the issuance of any development permits. The escrow will <br />be held by the City for two years after installation of landscaping and used for City costs related <br />to review, approval, and inspection of landscaping, or default by Developer. <br />F. Binding Effect. The terms and provisions of this Agreement shall be binding <br />upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties <br />hereto and shall be binding upon all future owners of all or any part of the Property. This
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