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DEVELOPMENT AGREEMENT - FOX RIDGE ESTATES <br /> <br />and 00/100 Dollars ($ .00), which amount is <br />125% of the City Engineer's estimated cost of the Stage <br />I Improvements. The financial guarantee required by this <br />Paragraph 6 shall be in the form of a Letter of Credit <br />approved as to form by the CITY. The financial guarantee <br />required by this Paragraph 6 shall be deposited with the <br />CITY at the time of execution of this contract. Upon <br />completion of Stage I Improvements acceptance by CITY, <br />and supported by lien waiver, the DEVELOPER can request <br />(in writing) a partial reduction in the amount of the <br />Letter of Credit <br /> <br />Staqe I Improvement Maintenance Financial Guarantee. In <br /> <br />addition to the financial guarantee required by Paragraph <br />4 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CITY <br />at the time the Stage I Improvements are accepted by the <br />CITY and prior to release by the CITY of the financial <br />guarantee required by Paragraph 4 above. The $10,000.00 <br />maintenance guarantee shall be held by the CITY for a one <br />(1) year period from the date of its deposit. This <br />financial guarantee is for the purpose of insuring that <br />the Stage I Improvements have been constructed in <br />accordance with CITY standards and may be called upon at <br />the CITY,s discretion during said one (1) year period if <br />the CITY deems it necessary to repair and/or replace any <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 />Recording 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 />5 <br /> <br /> <br />