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shall be completed on or before September 30, 1987. Said <br />security shall be in the amount of $112,500.00, which amount <br />represents 125% of the estimated cost of constructing the <br />improvements as determined by the City Engineer. All <br />construction as described in this Agreement shall be at the sole <br />expense of the Developer. In lieu of a cash escrow or letter of <br />credit, the City will accept a first mortgage on Lots 1, 3, 4, 5, <br />6, 7, 8, and 9, Block 4, NORTEFORK, which lots the City Assessor <br />estimates to have a per lot market value of $15,000.00 and a <br />total market value of $120,000.00. Said mortgage shall be in the <br />form attached hereto as Exhibit 'E", which mortgage shall permit <br />lot releases as described in said mortgage. <br /> <br /> 3. pAPd~LARqP DEDICATION ~EE. The Developer shall satisfy <br />the City's park dedication requirements as specified in the <br />NORTHFORK Park Dedication Agreement, attached hereto as Exhibit <br /> <br />~FM. <br /> <br /> 4. RESTRICTIVE COVENANTS. Contemporaneously m'ith and <br />immediately following the recording of the plat of NORTEFORK <br />SECOND, and other documents of conveyance as contemplated by this <br />instrument, the Developer shall execute and cause to be recorded <br />restrictive covenants in a form and manner identical to Exhibit <br />"G' hereto attached. The restrictive covenants shall be subject <br />to .a~proval by t_he City.. <br /> <br /> 5. DkI!NAGS ~_ND STP~ET PLANS. The Developer shall comply <br />%'ith the drainage and street plans attached hereto as Exhibits <br />RE" and "CM respectively, which plans shall be as approved by the <br />City Engineer. The Department of Natural Resources shall approve <br /> <br /> -- 3 -- <br /> <br /> <br />