Agenda - Council Work Session - 10/14/2014

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in accordance with the timetables set *forth .in this Development Contract. The Developer may, however, request in writing an extension of time from the City. If an extension is granted, it.shall be conditioned upon updating the security. posted by the Developer to reflect cost increases, if arty, and the extended completion date. ARTICLE THIRTEEN REMEDIES FOR VIOLATIONS OF CONTRACT In the event the Developer, builder, or any subcontractor violates any of the covenants and ag -eements contained in this Development Contract and that may be performed by the E eveloper, builder, or subcontractor, the City, at its option, in addition to - the rights and remedies as set out hereunder, may refuse to issue building permits to any property within the plat until such time as such default has been inspected and corrected to the satisfaction of the City. Furthermore, in the event of default by the Developer as to any of the work Wormed by it hereunder, for more than thirty (0) days after written notice to the Develeper, the City may at its option, perform the work of the Developer and the Deieloper promptly reimburse the City for any expense incurred by the City within -thirty (3D) dys. Failure to do so shall- result in the City withholding the letter of credit. If the plat is a phase of a multi -phase prelirninary prat, the City may refuse to approve final plats of subsequent phases if the Developer has breached this contract and the breach has not •been remedied. ARTICLE FOURTEEN TEMPORARY CUL-DE-SACS • The Developer agrees to provide written notice to all property owners that front on . streets that May have temporary cul-de-sacs within the plat that such cul-de-sac is temporary and that the road may be opened for traffic to contiguous properties in the future. Developer further agrees to provide notice of temporary cul-de-sac in the deed conveying the property to the purchaser. Copies .of such notices shall be provided to the City. -13-