2018-10-24 CC Packet - Laserfiche WebLink

Home Browse Search

Developer Account, an interest-bearing account, the sum of Five-Thousand and No/100 Dollars ($5,000.00), and thereafter additional funds as may be added (the "Escrow Funds). 7. Replenishment of the Account. The City may request Developer to deposit additional funds to replenish the Developer Account, as may be needed. Non-payment or untimely payment of additional funds is grounds for the City to cease process of pending applications, order development or construction activity on the Real Property to cease, or terminate the Agreement. 8. Creation of Lien and Application of Escrow Funds. Developer is hereby given an express lien on and security interest in the Developer Account until used, applied or returned in accordance with this Agreement. The principal on the Account is hereby pledged and assigned, and shall be applied pursuant to City Ordinance, State and Federal law and regulation for any purpose related to land use application(s) or for the benefit of the Real Property. 9. Amendments to Agreement. This Agreement is made for the benefit of the City, Developer and the related Real Property, and it shall not be repealed, revoked, altered or amended without the written consent of the City and Developer. 10. Termination. This Agreement shall terminate upon 30-day written notice to all parties. The obligations and requirements of this Agreement shall survive termination of this Agreement. The City, in its sole discretion, may keep funds or ask for additional replenishment of funds so long as it reasonably sees fit to cover potential costs related to this Agreement and its enforcement. Thereafter, any sums remaining in the Developer Account shall be returned to Developer. 11. Notices. Except as otherwise provided herein, it shall be sufficient service of any notice, request, complaint, demand to be given to or filed with the following parties if the same is duly sent via first class mail to: To the City at: To the Developer at: City of Centerville Sharper Communities, LLC City Administrator, Mark Statz c/o Kari Clark 1880 Main Street 14840 Aberdeen Street, N.W., Centerville, Minnesota 55038 Ham Lake, MN 55304 651-429-3232 kari@sharperhomes.com MStatz@Centervillemn.com 12. Successors and Assigns. All of the covenants, promises, and agreements in this Agreement contained by or on behalf of the City or Developer shall be binding upon and inure to the benefit of their respective successors and assigns whether so expressed or not. 13. Governing Law. The applicable law of the State of Minnesota shall govern this Agreement. Page 2 of 4 117