2021-10-13 CC Packet - Laserfiche WebLink

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such discovery is on or after the date that is seven (7) days prior to expiration of the Security). If the required Improvements are not completed at least thirty (30) days prior to the expiration of the Security, the City may also make a bond claim. against the Security. If a bond claim against the Security is paid, the proceeds shall be used to cure the default or held until the Developer has completed the Improvements. The Security may be reduced from time to time pursuant to City policy regarding Security reductions. Upon receipt of proof to the City that work has been satisfactorily completed, financial and built plans have been received by the City, the Security may be reduced from time to time pursuant to City policy regarding Security reductions. The terms and conditions set forth in the Section are separate and distinct from security obligations to warranty improvements set forth elsewhere in this agreement. 20. 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. The Developer hereby authorizes the City to commence an Interpleader action pursuant to Rule 22, Minnesota Rules of Civil Procedure for the District Courts, and deposit the funds in compliance with the Rule, and upon such deposit, the Developer shall release, discharge, and dismiss the City from any further proceedings as it pertains to the Security or Additional Security deposited with the District Court, except that the Court shall retain jurisdiction to determine Version 10/11/2021 Page 13