2022-02-23 WS & CC Packet - Laserfiche WebLink

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a. Moneys tendered to the City shall be deposited into the Developer Account and any interested accrued shall be applied to the moneys held in favor of the Developer; or, b. Alternatively, Developer may post a letter of credit where the funds are used to ensure the purposes of this Agreement. When a letter of credit is used for this purpose, it shall be in full compliance with applicable City ordinance and policies for acceptance of 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 Security. 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. Claim Against the Security. The City may make a claim against the Security for any violation of the terms of this Agreement or if the Security is to be allowed to lapse prior to the end of the required term or any renewal term. The procedure for making a claim requires the City to issue a written notice of claim which contains a seven-day right to cure by the Developer. The notice and right to cure provisions shall be void if the Security will expire in less than seven days or upon discovery that the Security will not automatically renew (if such discovery is on or after the date that is seven days prior to expiration of the Security). If the required Improvements are not completed at least 30 days prior to the expiration of the Security, the City may also make a claim against the Security. If a claim against the Security is paid, the proceeds shall be used to cure the default or held until the Developer has completed the Improvements. 10. 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: City of Centerville City Administrator, Mark Statz 1880 Main Street Centerville, Minnesota 55038 651-429-3232 MStatz@Centervillemn.com To the Developer at: Kwik Trip, Inc. Attn: Legal Department P.O. Box 2107 LaCrosse, WI 54602-2107 608-793-6064 kklug@kwiktrip.com Page 2 of 5 Version 02182022-1