2020-08-12 CC Packet - Laserfiche WebLink

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amount of the Security shall be retained for a period of one-year after termination of this agreement or completion of all construction and landscaping, whichever is a longer period. The terms and conditions set forth in the Section are separate and distinct from security obligations to warranty improvements set forth elsewhere in the Agreement or this Supplement, and are intended to cover the obligations of the Second Addition improvements. Before the City releases the Final Plat for recording, the Developer must pay or satisfy all of these security requirements or costs. 14. CLAIMS & ACTIONS. In the event that the City receives notice of an audit or review from a governmental agency related to this Land or Final Plat, or the City receives notice of litigation regarding this Land or Final Plat, such claims will be forwarded to the Developer who shall promptly indemnify and hold the City harmless and make it whole. In the event that the City receives claims from laborers, materialmen, or others that work required by the Agreement or this Supplement has been performed, the sums due them have not been paid, and the laborers, materialmen, or others are seeking payment from the City, such claims will be forwarded to the Developer who shall promptly process the claims and make sure that all valid claims are paid. Developer agrees to indemnify and hold the City harmless in the event that the City receives claims from (and uses reasonable diligence to authenticate said claims) labor, materialmen, or others indicating that work required by the Agreement or this Supplement has been performed, the sums due them have not been paid, and the laborers, materialmen, or others are seeking payment from the City. The Developer hereby authorizes the City to commence an Interpleader action pursuant to Rule 22, Minnesota Rules of Civil Procedure for the District Courts, to draw upon the Security and Additional Security in an amount up to 150% of the claim(s) and deposit the funds in compliance with the Rule, and upon such deposit, the Developer shall release, Version 8/6/2020-1 for Council packet Page 9