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ARTICLE IV <br />CONSTRUCTION OF PUBLIC IMPROVEMENTS <br />Section 4.1. Construction of Public Improvements. The City has constructed, or is about <br />to construct, the following public improvements in accordance with the plans and specification <br />prepared by the City Engineer. <br />Extension of city services to the Development Property in accordance with plans and <br />specifications prepared by the City Engineer, which city services are municipal sanitary sewer, <br />water and storm sewer;(the "Public Improvements"). <br />The City shall retain a lien pursuant to the Lien Agreement on the Development Property <br />in the amount of One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) until <br />completion of the Minimum Improvements by the Developer, which amount represents the <br />Financial Assistance. The Lien Agreement shall be substantially in the form of Exhibit F <br />attached hereto. The City's lien shall at all times be subordinate to any first and second <br />mortgage granted by the Developer to finance the construction of the Minimum Improvements. <br />The City will execute any agreements reasonably requested by the Developer and/or Holders of <br />any first or second mortgage to evidence such subordination, except that the City is not obligated <br />to subordinate the Assessment Agreement to any Mortgage encumbering the Development <br />Property. <br />14 <br />