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day of <br /> <br />22.' P.~of of Authority. When the DEVELOPER is a corporation, the CITY <br /> : r,.~uires proof of authority by the corporation to execute this Agreement. This <br /> pr6_of of authority could be satisfied by providing the CITY with a certified cop>, of <br /> mihutes of the corporate Board of Directors granting such authority. <br /> <br />23. In~,~alidily of Any ()ne Seclion. If any portion, section, subsection, sentence, <br /> clause, paragraph or phase of this A~eement is for any reason held to be invalid by <br /> a c[oun of competent jurisdiction, such decision shall not effect or void any of the <br /> ot~er provisions of this Agreement. <br /> <br />24. ROcordine of Develo,menf Aereement. The DEVELOPER agrees that this <br /> DSvelopm-ent Agreement shall be recorded in the office of the Anoka County <br /> R~corder and agrees that the terms and provisions of this Agreement shall be a <br /> cogenant on any and all deeds relative to the property included in the Plat. <br /> <br /> V~olalign of this Agreement. The DEVELOPER a~ees that the terms of the <br />25.~ ~ <br /> financial guarantee shall be deemed to have been violated if the DEVELOPER <br /> fa~ls to perform any of the terms of this Agreement in the manner required by the <br /> CiTY and the CITY shall be entitled to recover from the DEVELOPER or the <br /> issuer of DEVELOPERS' letter of credit, the full amount of the letter of credit. <br /> <br />26. Agreelllen! ~i~.din,_.z, On Heirs. etc. The DEVELOPER agrees that this <br /> : D~:velopment Agreement shall be binding upon their successors and assigns. <br /> B~each of any of the terms of this Development Agreement by the DEVELOPER <br /> sh ~tll be grounds for denial of Building Permits for buildings in the Plat. <br /> <br />IN WlTI~ ESS THEREOF, the parties have hereunto set their hands and seals, this <br /> ,1992. <br /> <br /> <br />