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o <br /> <br />REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will <br />be issued until the permittee has: a) signed and returned this Development Permit; b) <br />provided the required financial guarantee in accordance with Paragraph 11 of this Permit. <br /> <br />10. <br /> <br />IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements <br />shall be completed before November 10, 1998. <br /> <br />11. <br /> <br />ESCROW FOR REQUIRED IMPROVEMENTS. In order to ensure the installation <br />of the Required Improvements in accordance with City specifications and in a timely <br />manner, the Permittee shall be required to deposit with the City a cash escrow or letter of <br />credit, approved as to form by the City, in the amount of Ten Thousand Five Hundred <br />Dollars and no cents ($10,500.00), which is 150% of the City's estimated cost of the <br />Improvements. Prior to the issuance of the building permit, all financial guarantees must <br />be provided as required herein. <br /> <br />Upon completion of the construction of the Required Improvements, to the satisfaction of <br />the City Engineer, the financial guarantee shall be returned to the Permittee. In the event <br />the Permittee fails to construct and install the Required Improvements as required herein, <br />the City Council may order the completion of the Required Improvements with City day <br />labor and/or by letting contracts for said completion and draw upon the escrow for <br />payment. Only the City Council shall have the authority to direct completion of the <br />Required Improvements and withdraw from the escrow account. The Permittee hereby <br />grants permission and a license to the City and/or its contractors and assigns to enter upon <br />the Site for the purpose of completing the construction and installation of the Required <br />Improvements in the event of the Permittee's default. <br /> <br />Donald and Solveig Nordvik hereby acknowledge receipt of this permit and that they have <br />reviewed the conditions of this permit and have agreed that they will comply with the terms of <br />this permit. <br /> <br />DONALD NORDVIK <br /> <br />STATE OF MINNESOTA ) <br /> ) ss. <br />COUNTY oF ) <br /> <br />On this .::~-~?~'day of ~O-r~,~-r'..~ , 19~t~t, before me a' Notary Public, personally <br />appeared Donald and Solveig Nordvik, husband and wife, to me known to be the persons <br />described in and who executed the foregoing instrument and acknowledged that they executed <br />the same as their free act and deed. <br /> <br />SOLVEIG NORDVIK <br /> <br />'~'~.ry Public <br /> <br /> <br />