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q- <br />guarantees or withhold the Certificate of Occupancy as defined in Section 16(m) <br />above. Breach of any of the terms of this Contract by PERMITTEE shall be <br />grounds for denial of a building permit for any portion of the Property still owned <br />by PERMITTEE. <br />Contract Binding On Successors and Assigns. This Contract shall be binding <br />upon the parties, and their respective successors and assigns. <br />r. Letters of Credit. All letters of credit presented as a financial guarantee, if <br />required prior to issuance of a Certificate of Occupancy, shall be first approved as <br />to form and content prior to acceptance by the CITY. <br />17. Requirements for Building Permit and Certificate of Occunancv. <br />a. No building permit for any lot in the Plat shall be issued until: (a) a Class 5 <br />driving surface is installed to within 300 feet of the proposed structure; (b) a <br />Certificate of Survey, including the survey information required by the CITY, has <br />been supplied to the CITY Building Official; (c) all the financial guarantees <br />required by the CITY have been satisfied; (d) a permit from the Lower Rum <br />River Watershed Management Organization has been obtained; (e) a permit from <br />Anoka County Soil Conservation District has been obtained (if necessary); and (f) <br />this Contract has been signed and received by the CITY. <br />b. No Certificate of Occupancy for any lot in the Plat shall be issued until: (a) <br />vehicular access to the lot is provided, including installation of at least one layer <br />of bituminous surfacing; (b) all utilities are in place, operational and accepted by <br />the CITY in accordance with this Agreement; (c) for lots that have a slope of less <br />than 2%, a certificate of grading, prepared by a licensed (State of Minnesota) <br />professional land surveyor, is provided to the CITY documenting that the flattest <br />grade on the lot is 1% or greater; and (d) boulevard sod and landscape tree, or <br />escrow for same, have been provided. <br />c. All improvements included in the Permittee Plans, including amendment required <br />of the City Staff Review Letter dated April 26, 2012 are completed, or financial <br />guarantee in the amount of 125% the City Engineer's estimate of the cost of said <br />improvements is secured in the form of cash escrow or letter of credit for the <br />parking lot and related items. <br />d. Parcel B. The PERMITTEE agrees that Parcel B shall not be considered <br />buildable and shall not be eligble for a Building Permit or Certificate of <br />Occupancy until such time Parcel B is subdivided in accordance with City Code <br />requirements to subdivide the parcel by plat. Said platting requirements shall <br />include, but are not limited to, dedicating proper easements, delineating ass <br />floodplain and weltand information, and paying applicable development fees. <br />Parcel B shall be subject to applicable processes, application/review fees, and <br />development fees in effect and at the rate in effect at the time said future plat is <br />approved and required agreements are executed. <br />MA KO WSKY FAMILY FARM METES AND BOUNDS SUBDIVISION <br />Development Contract <br />Page 6 of 11 <br />