Agenda - Council - 05/09/1995 - Laserfiche WebLink

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! I I I I I '1 I I I I I I I I ! I in the ~ubject Property must be paid in full upon occurrence of any of the following with respect to each such individual lot: Prior to transfer of title, prior to issuance of an occupancy permit, or upon filing of any liens whichever occurs f'n-st. No CertifiCates of Occupancy will be issued without prior payment of all outstanding specialiassessments against any such lot. (b) The DEVELOPER agrees to notify the CITY of all sales of lots within the Plat. (c) The DEVELOPER and the CITY agree that the costs described above pertaining to the improvements shall be assessed against the benefitted property on a five (5) year term for residential lots pursuant to City Code and that the financial guarantee, described in paragraph 8 below, will be in force and effect until all such special assessments are paid and all other obligations of DEVELOPER under this Agreem~ ent are satisfied. The assessment and the specific terms of the assessment shall b~ pursuant to the terms of the "Fox Knoll Special Assessment Agreement", attached hereto as Exhibit "A" and incorporated herein by reference. The financial guaraniee described in paragraph 8 may be applied by the CITY to any of the obligat!ons set forth in this Agreement in the absolute and sole discretion of the City Counc[!. The CITY may pursue any other remedy for enforcement of such obligations or collection for the costs incurred by the CITY in connection therewith, and is fl- nder no obligation to apply the financial guarantee to any one or number of obligations as long as the CITY determines that there is a reasonable basis for believ~g that the dollars remaining in the financial guarantee may be needed to assure compli~ce with other remaining obligations of the DEVELOPER. Develo~>er'sl Financial Guarantee. The DEVELOPER agrees and understands that the CITY h~s the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 an~ as amended as a condition precedent to the approval of the plans and specification~ and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets be graded or improved, and the water, sewer, and other uiility mains, piping, or other facilities shall be installed and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction ~md installation of the required Stage I Improvements and ali other obligations of DEVELOPER provided for herein within a period specified by the City Council.