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I <br />I <br />I <br />! <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />! <br />I <br />I <br />I <br />i <br /> <br />DEVELOPMENT AGREEMENT - CEDAR HILLS <br /> <br /> 20. Plat Approval Expenses. The Developer agrees that it will pay to the <br />City all City expenses incurred in the approval of the Plat, including, but not <br />!~.:,i!ed to, administration expenses, engineering and legal fees. Said expenses shall <br />be paid within fifteen (15) days of billing by the City and outstanding billings shall <br />be paid prior to recording of the final Plat. Any expenses incurred after recording <br />of the final Plat shall also be paid within said fifteen (15) day billing period. <br />Failure to pay the City's expenses within the fifteen (15) day billing period will <br />permit the City to draw upon any of the escrows required by this Agreement for <br />payment. <br /> <br /> 21. Marketable Title. Prior to recording of the final Plat, the Developer <br />shah provide the City proof of marketable title to the Plat either through a <br />currently certified abstract, registered property abstract or title insurance. <br /> <br />PLAT STAGING <br /> <br /> 22. Phasing Plan. The parties acknowledge that the Subject Property will <br />be developed in coordination with three other properties, as described in Schedule <br />C ("Windemere Woods"); Schedule D ("Chestnut Hills"); and Schedule F ("Chestnut <br />Pond"). The developers of all four properties have mutual]y agreed to a plan of <br />development for these properties, attached hereto as Schedule G ("Phasing Plan"). <br /> <br /> The current Plat of the Subject Property constitutes the Chestnut Hills <br />portion of Phase 1, as referenced in the Phasing Plan. Developer shall complete <br />development of the Subieet Property by replatting to develop Phases 2, 3 and 4 as <br />specified in the Phasing Plan. <br /> <br /> 23. Public Improvements. At the time of replatting for Phases 2, 3 and <br />4, Developer shall petition for Stage I Improvements (other than Sanitary and <br />Watermaint Trunks) related to each Phase. Developer shall provide a letter of <br />credit related to such costs under the same terms and conditions as specified in <br />paragraph 8 herein, and shall execute an Assessment Agreement substantially <br />similar to Schedule.. A herein, under which Developer will agree to pay special <br />' ~!?~osment for Stage I Improvements related to each Phase. The City, at its sole <br />,~cretion, may determine not to proceed with Stage I Improvements related to <br />Phases 2, 3 and 4, unless and until the City receives letters of credit for Stage I <br />Improvements related to all developments specified for each Phase in the Phasing <br />Plan. <br /> <br />11 <br /> <br /> <br />