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..~.~.. ?. ~..~. ~.;.~?.~.~D~FELOPME~TT AGREEMENT - ~ORTQN ADDITION <br /> <br />j <br /> <br />10. <br /> <br />the CITY deems it necessary to repair and/or replace an), <br />of the Stage I Improvements. Said financial guarantee <br />shall be in the form of a Letter of Credit, approved as <br />to form by the CITY. <br /> <br />Recordinq of Contract. The DEVELOPER agrees that this <br />Development Agreement shall be recorded in the office of <br />the Anoka County Recorder and agrees that the terms and <br />provisions of this Agreement shall be a covenant on any <br />and all deeds relative to the property included in the <br />Plat. <br /> <br />Violation of Contract. The DEVELOPER agrees that the <br />terms of the financial guarantee shall be deemed to have <br />been violated if the DEVELOPER fails to perform any of <br />the terms of this Agreement in the manner required by the <br />CITY and the CITY shall be entitled to recover from the <br />DEVELOPER or the issuer of DEVELOPER'S letter of credit, <br />the full amount of the letter of credit. <br /> <br />II <br /> <br />STAGE II IMPROVEMENTS <br /> <br />Requirements after Street Surfacinq. After the street <br />surfacing is installed, the DEVELOPER shall clear any <br />soil, earth, or debris from the streets and from the lots <br />within the Plat resulting from any construction on the <br />Subject Property by the DEVELOPER or its successors and <br />assigns. The DEVELOPER, its successors or assigns agree <br />to complete all finished grading and swales and ditches <br />to the satisfaction of the City Engineer and to maintain <br />said grading, swales and ditches until Certificates of <br />Occupancy and septic system pea, its (if applicable) are <br />issued for all lots within the Plat. During this period <br />the DEVELOPER shall prevent eresicn by %;ind and water to <br />the satisfaction of the City Engineer. <br /> <br />Restoration. DEVELOPER shall restore all disturbed <br />street right-of-way areas, including ditches, grading, <br />backslopes and establish turf by seeding of the ditch <br />areas. Said restoration to include such additional items <br />as the City Engineer may direct. <br /> <br />Street/Traffic Siqns and Seal Coatinc. The CITY will <br />install in the Plat, as Stage ii improvements <br />street/traffic signs and stree5 seal coating. DEVELOPER <br />will pay to the CITY an amount equal uo i00% of the City <br /> <br />4 <br /> <br /> <br />