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