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<br /> 5[\1 BY:PETER50\ fR~~ BERG~A\ : 8- 3-94 : 8;44~~ :PETERSO\ FR~~ BERG~L~- :~ to <br />. surety satisfactory to the City Attol-ney, in the amount of one <br /> hundred twenty-five percent (125%) of the costs of such <br /> improvements as estimated by the Engineering Firm retained by the <br /> Developer or as indicated by contract documents whichever amount is <br /> greater. In the alternative, Developer agrees to convey to the <br /> City by warranty deed, free and clear of all liens and <br /> encumbrances, fee title to Lots 1 and 2, Block 1, McClung Fourth <br /> Addition, or other lots in replacement thereof as approved by the <br /> City Attorney, which shall be held by the City as security for the <br /> construction of the improvements required herein. In the event <br /> that Developer defaults on its obligations pur~uant to this <br /> agreement, the City shall have the authority to convey such <br /> property and apply the proceeds to costs incurred by the City to <br /> complete the construction of the improvements. The City shall <br /> reimburse itself for all costs and Qxpenses of whatever kind <br /> incurred in connection with the sale of such property including its <br /> legal and administrative costs. Upon satisfaction of Developer's <br /> obligations pursuant to the terms of this Agreement, the City shall <br /> re-convsy any lots which it has received as security. The City <br /> also reserves the right to accept alternative forms of security <br /> and/or to reduce the total amount of security as the project <br /> proceeds and receives partial acceptance from the Engineer. <br /> 3.12 In the event Developer defaults on any of its obli- <br /> gations hereunder or breaches any of the terms hereof, the City, at <br />. its option and in addition to any other remedies available to the <br /> City, may cancel, revoke or deny Building Permits for the <br /> construction of structures within the plat of McClung Fourth <br /> Addition. <br /> a. This remedy shall in no way exclude or 11mi t other <br /> remedies which the City may utilize to enforce this <br /> Agreement and to Seek recovery of damages on account of <br /> Developer's breach thereof that are authorized by this <br /> Agreement or by law. <br /> b. It is understood and agreed that failure of the City to <br /> promptly take legal action to enforce this Agreement or <br /> the performance bond or guarantee bond after expiration <br /> of the time in which the work is to be completed will not <br /> waive or release any rights of the City, and the City may <br /> purSue whatever legal actions are available at any time <br /> thereafter. Moreover, Developer agrees to reimburse the <br /> City for all costs incurred by the City in the <br /> enforcement of this Agreement or any portion thereof, <br /> including all enginaerll1g and attorneys fees and costs <br /> and disbursements incurred therewith. <br /> 3.13 Developer agrees to reimburse the City for its legal and <br /> engineering costs incurred in the review and administration of the <br /> subdivision of McClung Fourth Addition. The Developer agrees to <br />. pay to the City such estimated costs prior to and as a condition <br /> 5 <br />