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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 I 1 of this Permit. <br /> <br />t0. <br /> <br />IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements <br />shall be completed before July 1, 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 instalIation of the Required <br />Improvements in the event of the Permittee's default. <br /> <br />Donald Nordvik hereby acknowledges receipt of this permit and that he has reviewed the <br />conditions of this permit and has agreed that he will comply with the terms oftMs permit. <br /> <br />DONALD NORDVIK <br /> <br />STATE OF MINNESOTA <br />COUNTY OF <br /> <br />) <br />)ss. <br />) <br /> <br />On this ~ day of ,, , ., 1997, before me a Notary Public, personally <br />appeared Donald Nordvik, to me known to be the person described in and who executed the <br />foregoing instrument and acknowledged that he executed the same as his free act and deed. <br /> <br />Notary Public <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br />I, <br />I' <br /> <br />I <br />I <br />I <br /> <br /> <br />