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?ertod of!five (5) yea[s, together vlth interest. At the time of the <br /> ap[':ttc.~tt0n for ~ cert~ficate of occupancy for an>. structures built on <br /> a lot ~,iah benefit by the t~provements, the owner of the lot shall pay <br /> to the Clty Finance Department the princ~pal ba]ance of such assessment <br /> remalnln~iun?a~d, tosether with accrued ir~terest thereon. The escrow <br /> requl~ed }n Paragraphs 3 and a above shall not be released even though <br />I the or~gina] subdivider or o~mer ma)' have conveyed the subject <br /> · propkrty.~ The escrow &~ount my be reduced on a quarterly b~sis to an <br /> amount eqUal to the then outstanding balance of special assessments. <br />I 6. ]n~t~l]~t~on of Stage II I~provements. Stage II improvements as <br /> descry,bed in Section 170,039B shall be constructed and installed by the <br />I developer!in conformance '~th City Standards and per the schedule <br /> established by the Performance Contract required by Section 170.039G. <br /> <br /> 7. Sta~II ~mprovements Escrow. A cash escrow or letter of credit equal <br />I ~-~ one. hundred (125%) of the Engineer's <br /> twenty-five <br /> percent <br /> City <br /> e~tim~ted!cost of the Stage II improvements shall be deposited with the <br /> Clty, ~ina~ce Department. This escrow shall be released only upon final <br />I aPproVal and~acceptance by the City of said improvements. <br /> S~O~S~d:ii.~ei°pment:'~h~7 ~'~6r!~ and <br /> <br /> 9. ~Waived. The City Council, in its discretion, may waive <br /> ~g-~-~rements of this section if all of the following <br /> co di io s <br />I a. 'The OWner or subdivider must reside on the property being developed <br /> ia~d 4uch property must have been classified for tax purposes as the <br />I !O~ne~ or subdivider's'homestead. <br /> b. The division of the property must include the entire property, meet <br />I tbs .~equirements of the Zoning Code for division of property and <br /> .sVchldivision must be achieved by an approved and recordable plat. <br /> <br /> c. The individual parcels resulting from such a plat shall be for <br />I family residential use only and each such parcel shall be of <br /> ~s~ch[size, configuration and topographical quality as to be capable <br /> o~ aecommodating a single family residential structure. <br /> <br /> d. ~l~_e:$ndtvidual parcels resulting from such a plat shall be no more <br /> Zhan{five (5) in number, including any parcel retained by the owner <br /> <br /> Or s~bdivider as his homestead· <br /> <br /> · requirements of this section relating to the platting of land <br /> Shall be applicable to any such division of lands and properties. <br /> <br />f. Lands and properties abutting land and property being so divided <br /> ghal~ themselves have previously been platted and divided, it being <br /> <br />- 6 - <br /> <br /> <br />