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Lakeland Hills CITY COPY Development Agreement Revised July 7, 1997 K. GENERAL 1. Binding Effect. The terms and provisions hereof shall be binding upon and insure to the benefit of the heirs, representatives, successors, and assigns of the parties hereto and shall be binding upon all future owners of all or any part of the Subdivision and shall be deemed covenants running with the land. 2. Notice. Whenever in this Agreement it shall be required or permitted that notice or demand be given or served by either party to this Agreement to or on the other party, such notice or demand shall be delivered personally or mailed by United States mail to the addresses hereinbefore set forth on Page 1 by certified mail (return receipt requested). Such notice or demand shall be deemed timely given when delivered personally or when deposited in the mail in accordance with the above. The addresses of the parties hereto are as set forth on Page 1 until changed by notice given as above. 3. Final Plat Al2nroved. The City agrees to give final approval to the plat of the Subdivision upon execution and delivery of this Agreement and of all required petitions, bonds, fees, and securities indicated in Exhibit B. 4. Incorporation by Reference. All plans, special provisions, proposals, specifications, and contracts for the improvements furnished and let pursuant to this Agreement shall be and hereby are made a part of this agreement by reference as fully as if set out herein in full. L. VIOLATION OF AGREEMENT, In the event that Developer violates any of the covenants and agreements contained in this Development Contract and to be performed by the Developer, the City, at its option, in addition to the rights and remedies as set out hereunder may refuse to issue building permits to any property within the plat until such time as such default has been corrected to the satisfaction of the City. M. PARK DEDICATION The Developer agrees to provide park dedication to the City in the f orm of . . . ..: . ... . .. - - - - .. •t , 6 e'.. .. . - . a cash payment of $30,000 calculated at $750 per lot multiplied by 40 lots. N. TRAIL DEDICATION The trail dedication fee shall be waived in lieu of the Developer paying the full cost of construction of the concrete sidewalk and bituminous trail shown on the plans. O. STORMWATER FEES The stormwater fee shall be paid by the Developer prior to approval of the final plat. This fee is $22,829.53, based on a charge of $0.01546 per square foot of 33.9 acres of platted area. P. F U' T ULAIN EXTEN • FE The Developer agrees to pay a fee in the sum of $50,000 to be deposited into te of Centerville Water Fund for use in the construction of watermain north from the Lakeland Hilts Development along Centerville 260/083- 1904.feb Page 9