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10. <br /> <br />11. <br /> <br />DEVELOPMENT AGREEMENT - STANHOPE TERRACE <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 />Stage I Improvements ADproval. 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 Surfacing. 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 />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 Signs, Street Lights and Seal Coating. <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 />final Plat. The street lights will be installed by the <br />CITY at the intersections of 153rd Avenue NW and Ute <br />Street, 154th Avenue NW and Roanoke Street and 153rd <br />Court and Roanoke Street. The cost of these items is <br /> <br />4 <br /> <br /> <br />