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DEVELOPMENT AGREEMENT - NORTH FORTY 3RD ADDITION' <br /> <br />10. <br /> <br />shall be in the form of a Letter of Credit, approved as <br />to form by the CITY. <br /> <br />Reoordinq 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 />Staqe I Improvements Approval. The DEVELOPER agrees that <br />it will not sell, rent, or otherwise cause to be <br />occupied, any premises constructed upon property within <br />the Plat until the CITY has approved the construction of <br />the Stage I Improvements covered by this Development <br />Agreement, unless the CITY has agreed in writing to waive <br />this requirement as to a specific lot. <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 permits (if applicable) are <br />issued for all lots within the Plat. During this period <br />the DEVELOPER shall prevent erosion by wind and water to <br />the satisfaction of the City Engineer. <br /> <br />Street/Traffic Siqns, Street' Liqhts and Seal Coatinq. <br />The CITY will install in the Plat, as Stage II <br />Improvements street/traffic signs, street lights and <br />street seal coating. DEVELOPER will pay to the CITY an <br />amount equal to 100% of the City Engineer's estimated <br />construction cost of the items prior to recording of the <br /> <br />4 <br /> <br /> <br />