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A. Construction of bituminous path along west line of Rarnsey Boulevard from <br />Bunker Lake Boulevard to 147`" Lane NW, and along south line of 149`" Avenue <br />NW from Peridot Street to the westerly line of Lot 9, Block 3, Town Center <br />Gardens 3`a Addition. More detailed plans and descriptions of the work involved <br />are contained on Exhibit A hereto attached. <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 />5. Use of Cash Escrow <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 21St, 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 21" 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 />21St for the construction and repair work and plus any funds not used by City for <br />inspection costs, <br />6. Release of Letters, of Credit <br />All outstanding Letters of Credit in favor of City and 'issued by 21" regarding the TCG3 <br />project shall be released by City, forthwith. <br />7. Maintenance <br />21" 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" shall post a <br />new Letter of Credit or cash surety in the amount of $15,000,00 to guaranty maintenance. <br />8. Landscaping <br />It is acknowledged that the original Devlopment Agreement contained a Landscaping <br />Flan that contemplated the immediate construction of housing units in the subdivision of <br />TCG3. Due to changes in the housing market, no new construction has commenced, and <br />21" has no present plans to commence construction 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, .21St shall <br />cause to be executed and recorded a set of protective covenants applicable to the <br />remaining unsold platted lots in TCG3 (excluding the outlots), in the form of Exhibit C <br />hereto attached. <br />-102— <br />