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2019-05-22 CC Packet
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2019-05-22 CC Packet
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Before the City signs the Final Plat, Developer must pay or satisfy all of these costs, and <br /> any other unpaid governmental fees, assessments, judgments or real estate taxes, plus any <br /> penalty and interest. <br /> 19. SECURITY. The amount of the Security is calculated as shown in Exhibit D. <br /> These calculations are for historical reference, and are not a restriction on the use of the Security. <br /> Security shall be calculated in an amount for features as set forth in Code Chapter of 153. <br /> The Security shall be for a term ending November 30, 2022, and automatically renewing <br /> thereafter unless notice of termination is provided to the City at least forty-five(45) days prior to the <br /> end of the term or any renewal date. The notice given must comply with the formal Notice <br /> provisions of this agreement. Individual security instruments may be for shorter terms provided <br /> they are replaced at least thirty (30) days prior to their expiration. The City may draw down the <br /> Security, with a written seven (7) day notice and seven (7) day right to cure by the Developer, for <br /> any violation of the terms of this Agreement or if the Security is to be allowed to lapse prior to the <br /> end of the required term or any renewal term. The notice and right to cure provisions shall be void <br /> if the Security will expire in less than seven (7) days or upon discovery that the Security will not <br /> automatically renew (if such discovery is on or after the date that is seven (7) days prior to <br /> expiration of the Security). If the required Improvements are not completed at least thirty (30) days <br /> prior to the expiration of the Security, the City may also draw it down. If the Security is drawn <br /> down, the proceeds shall be used to cure the default or held until the Developer has completed the <br /> Improvements. <br /> The Security may be reduced from time to time pursuant to City policy regarding Security <br /> reductions. Upon receipt of proof to the City that work has been satisfactorily completed, financial <br /> obligations to the City and Developer's contractors have been satisfied, and the required "as built" <br /> plans have been received by the City, the Security may be reduced from time to time pursuant to <br /> VERSION FOR COUNCIL 05/22/2019 Page 11 <br />
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