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<br />A. Construction of bituminous path alons west line of Ramsey Boulevard from <br />Bunker Lake Boulevard to 147111 Lane NW, and along south line of 149th Avenue <br />NW from Peridot Street to the westerly line of Lot 9, Block 3, Town Center <br />Gardens 3rd Addition. More detailed plans and descriptions of the work involved <br />are contained on Exhibit A hereto attached. <br /> <br />B. Grading to repair erosion damage in the westerly portion of the plat. More <br />detailed description of the area to be repaired is depicted on Exhibit B attached. <br /> <br />5. Use of Cash Escrow <br /> <br />The parties acknowledge that City is holding the sum of $72,895.00 in cash escrow, <br />deposited by BK from loan proceeds provided by 21 S\ which deposit was made as cash <br />surety in connection with the improvements in TCG3. 21st shall pay for the costs <br />involved in completing the work described above, and after approval and acceptance of <br />the work by City, City shall reimburse 21st for an amount up to $69,895.00. City shall <br />retain up to $1,000.00 to cover inspection costs during the construction and repair work <br />period. City shall then refund to BK the sum of $2,000.00 plus any funds not used by <br />21 st for the construction and repair work and plus any nmds not used by City for <br />inspection casts. <br /> <br />6. Release of Letters ()~ c;redit <br /> <br />All outstanding Letters of Credit in favor of City andissued by 21 st regarding the TCG3 <br />project shall be released by City, forthwith. <br /> <br />7. Maintenance <br /> <br />21 st shall maintain the work done on the pathways for a period of one year following <br />acceptance of the work by City. If requested at the time of acceptance, 21 st shall post a <br />new Letter of Credit or cash surety in the amount of $15,000.00 to guaranty maintenance. <br /> <br />8. Landscaning: <br /> <br />It is acknowledged that the original Devlopment Agreement contained a Landscaping <br />Plan that contemplated the immediate construction of housing units in the subdivision of <br />TC03. Due to changes in the housing market, no new constrUction has commenced, and <br />21 st has no present plans to commence con~truction of housing units. The requirement <br />that the developer of the subdivision install landscaping as contemplated in the original <br />Development Agreement is therefore incompatible with the present market situation, and <br />in lieu of any financial surety guaranteeing installation of future landscaping, 21 st shall <br />. cause to be executed and recorded a set of protective covenants applicable to the <br />remaining unsold platted lots in TeG3 (excluding the outlots), in the form of Exhibit C <br />hereto attached. ' <br /> <br />-4- <br />