2019-05-08 CC Packet - Laserfiche WebLink

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5. Creation of Account. There is hereby created and established with the City the following special and separate account to be held by the City and designated in the name of the Developer on land use applications tendered by the Developer(the "Developer Account"). 6. Deposit to Account. Concurrently with the execution and delivery of this Second Agreement, and, if applicable, pursuant to the provisions of a Site or Development Agreement, Developer herewith deposits with the City, and the City acknowledges receipt and deposit into the Developer Account, an interest-bearing account, the sum of -Thousand and No/100 Dollars ($ .00), and thereafter additional funds as may be added (the "Escrow Funds). These Escrow Funds are in addition to any previous deposit(s) of Escrow Funds made with the City. As required by law, these Escrow Funds must equal 150% of the grading and remediation costs for the Real Property. Alternatively, Developer may post a letter of credit where the funds are used to ensure proper construction, improvement or grading of real property. When a letter of credit is used for this purposes, its shall be in full compliance with applicable City ordinance for acceptance of a letter of credit. In any event, no permit issued by the City is valid unless the full amount of Escrow Funds have been deposited with the City, or where applicable, secured with a Letter of Credit. 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 This Agreement is made for the benefit of the City, Developer and the related Real Property, and it shall not be repealed, revoked, altered or amended without the written consent of the City and Developer. 10.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: Page 2 of 5 39