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the actual cost of construction of said Stage 1 Improvements, engineering fees, <br />administrative fees, legal fees, inspection fees, interest fees, costs of acquisition of <br />necessary easements, if any, and any other cost incurred by the CITY relating to this <br />Development Agreement and the installation of the aforementioned improvements, In <br />addition, the DEVELOPER agrees as follows: <br /> <br />(a) The DEVELOPER agrees to reimburse the CITY for all costs described above <br /> pertaining to improvements by special assessments to be levied against the Subject <br /> Property payable over five (5) years. However, special assessments against each tot in <br /> the Subject Property must be paid in full upon occurrence of any of the following with <br /> respect to each such individual lot: Prior to transfer of title, prior to issuance of an <br /> occupancy permit, or upon filing of an), liens whichever occurs first. No Certificates <br /> of Occupancy will be issued without prior payment of all outstanding special <br /> assessments against any such lot. <br /> <br />(b) The DEVELOPER agrees to notify the CITY of all sales of lots within the Plat. <br /> <br />(c) <br /> <br />The DEVELOPER and the CITY agree that the costs described above pertaining to <br />the improvements shall be assessed against the benefitted property on a five (5) year <br />term, pursuant to City Code and that the financial guarantee, described in paragraph ] 1 <br />below, will be in force and effect until all such special assessments are paid and all <br />other obligations of DEVELOPER under this Agreement are satisfied. The <br />assessment and the specific terms of the assessment shall be pursuant to the terms of <br />the "Wood Pond Hills 2nd Addition Special Assessment A~eement", attached hereto <br />as Exhibit "B" and incorporated herein by reference. The financial guarantee described <br />in paragraph t 1 may be applied by the CITY to an), of the obligations set forth in this <br />Agreement in the absolute and sole discretion of the City Council. The CITY may <br />pursue any other remedy for enforcement of such obligations or collection for the costs <br />incurred by the CITY in connection therewith, and is under no obligation to apply the <br />financial guarantee to any one or number of obligations as long as the CITY <br />determines that them is a reasonable basis for believing that the dollars remaining in the <br />financial guarantee may be needed to assure compliance with other remaining <br />obligations of the DEVELOPER. <br /> <br />DEVELOPMENT AGREEMENT . WOOD POND HILLS - 2ND ADDITION <br /> Page 4 of 11 <br /> <br /> <br />