CCP 08-09-1999 - Laserfiche WebLink

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e e e ~ . .. DRAFT M. Notification of Purchasers. The Developer shall inform all prospective purchasers of any of the lots in the property of the existence of the conditions imposed by the City Council pursuant to the Approval. The City may, at the City's discretion, record the Approval, or require the execution of any other recordable instrument (including this Development Agreement) which would effectuate such notification. N. Improvement Secu~itx. Prior to the City's endorsement of approval on the final plat, the Developer shall deposit security with the City Administrator in an amount equal to 125% of the City's Engineer's estimate of the cost of constructing the required improvements and payment of any administrative fees required herein (the "Improvement Escrow"). The security may be in the form of a cash escrow fund, a performance bond, or a letter of credit. The form of security shall be approved by the City Attorney. The Improvement Escrow shall include all funds to be escrowed in accordance with Section L E., above. Except as otherwise provided in Section 1. E.. above, upon completion of required improvements and acceptance by the City, the City Council shall reduce the amount of security for the completed improvements provided that in no case shall the total remaining security be equal to less than 125% of the estimated costs of the incomplete improvements and of the estimated and unpaid administrative fees. o. Estimated Costs of ImDrovements/Administrative Fees. Pursuant to the Developer's agreement in the original application, the Developer shall deposit with the City the sum of $1500 to cover a portion of the legal and engineering fees incurred by the City with respect to the project. It is specifically acknowledged that said sum is not the precise amount due and owing at the present time, which amount has not been calculated. Furthermore, there may be additional fees and expenses incurred by the City with respect to the project which shall be the responsibility of Developer. The Developer shall pay any additional fees incurred through the date of this Agreement, as well as any additional amount which may be incurred subsequent hereto within ten (10) days of receipt of a statement therefor. 2. Miscellaneous Reauirements_ [NONE] 3. Binding Effect. The terms and provisions of this agreement shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or any part of the Property and shall be deemed covenants running with the land. This Agreement, at the option of the City, shall be placed of record so as to give notice thereto to any subsequent purchasers and encumbrancers of all or any part of Property and all recording fees, if any, shall be paid by the 5