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providing consideration, and the City shall be urger ~o <br />obligation to state any reasons if it determines to reject the <br />proposal of R~ River HS!ls, Inc., a~d to t~ke possession of the <br />cash deposSt of $5100.00. Said s~n shall be escrowed in such a <br />manner as designated by the Cit5, Attorney. <br /> <br /> 4. ~ It is a~kno~.ledged kS, the ~mrt]es that <br />although the CJty Charter contains a clause which m~, entitle <br />Developer to rely on previous municipal approvals, that the <br />Developer and the City nevertheless intend to follow the <br />provisions of the City Charter, without prejudice to their rights <br />to claim ey~empt status, relative to the requirement of treating <br />the convas, ance of fYdtiots A, B, D and E by ordinance. If in the <br />event u~rsuant to the City flnarter, a referend~'~ be demanded of <br />said ordinance, and said ordinances subsequently be. d~_feated, <br />in the further a~ent tinct Developer either unsuccessfully ?arsues <br />other r~me~ies ~nrough t_he Courts or determines to abandon the <br />project, then, in that event, both parties acknc%'ledge and agree <br />that mn appropriate r~ne~y for both eq. uit~hle and lea. a! relief <br />for botln .tarries ~ouid be. to have ~dne City unilaterally vacate <br />the entire plat of R~ River El!is, and reconv~ Outlots A, B and <br />D'to Developer thereby res~_oring Developer to its original <br />.~osition. Such action shall be. at the expense of Developer, <br />no approval of Developer shall be req. uired for suab ac%ion. No <br />buiidin{ permits for any of the prop~=rty in the planned unit <br />develolm~_nt shall be_ issued until the operative zoning an~ land <br />conveyance ordinances are effective. In the event Deveicper <br />deem~ it necessary .to record tine planned unit develo.n~ent plat <br />prior to the effective date of the City's ordinance rezoning t_be <br /> <br /> <br />