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2022-05-25 CC Packet
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2022-05-25 CC Packet
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Given the limited nature of the amount of Security based on the Public Improvements, <br />Developer shall tender additional Security (“Site Security’) to the City in the amount of $500,000. <br />Site Security may be used for the same purposes as Security. Developer shall tender no less than <br />$50,000 of the Site Security to the City in the form of a letter of credit. Develop may tendered the <br />remainder of the Site Security in the form of a performance bond. Site Security may be reduced after <br />the later of the completion of construction of the Project or issuance of a temporary or final certificate <br />of occupancy for the Project, and then only after all remaining conditions have been completed to the <br />satisfaction of the City Building Official. <br />The terms and conditions set forth in the Section are separate and distinct from security <br />obligations to warranty improvements set forth elsewhere in this agreement. <br /> 20. CLAIMS & ACTIONS. In the event that the City receives notice of an audit or <br />review from a governmental agency related to this Land or Final Plat, or the City receives notice <br />of litigation regarding this Land or Final Plat, such claims will be forwarded to the Owner who <br />shall promptly indemnify and hold the City harmless and make it whole. <br />The Owner hereby authorizes the City to commence an Interpleader action pursuant to Rule <br />22, Minnesota Rules of Civil Procedure for the District Courts, and deposit the funds in compliance <br />with the Rule, and upon such deposit, the Owner shall release, discharge, and dismiss the City <br />from any further proceedings as it pertains to the Security deposited with the District Court, except <br />that the Court shall retain jurisdiction to determine attorneys’ fees pursuant to this Agreement. <br />21. FEES. The following fees are required by law to be included in this Agreement and <br />shall apply as a condition of plat approval. They must be paid in full before a building permit shall <br />issue for the Land. These fees may be assigned, in whole or part, by Owner to the Buyer, for <br />payment by the Buyer. These fee calculations are contained in Exhibit D. <br />DEVELOPMENT & SUBDIVISION AGREEMENT <br />CENTERVILLE AND BANJO <br />Draft Version 05/20/2022v3 – for Council Packet- Page 12 <br /> <br />
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