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improvements required herein will be actually constructed and installed according to <br />specifications approved by the CITY, and that the special assessments are paid as required <br />herein. Because of the need to guarantee the payment of the special assessments, the <br />escrow shall be retained for the five (5) year payment term of thc assessments, or earlier <br />date and lesser amount at such time that outstanding special assessments and all other <br />developer obligations are tess than the original cash requirement. <br /> <br />12. <br /> <br />Estimated Costs. It is understood and agreed that construction cost amounts set forth in <br />this Agreement as Stage I and Stage II Improvements, unless specified as fixed amounts, <br />are estimated. The DEVELOPER agrees to pa)' the' entire cost of said improvements <br />including interest, fiscal engineering and legal charges. <br /> <br />tS. Dale For ~qur~p.l¥ine FinanqisI G~Jar0nle~, The DEVELOPER agrees to supply <br /> the financial guarantee as described above to the CITY prior to the CITY ordering <br /> preparation of the plans and specifications for construction of the Stage I Improvements. <br /> <br />14. Violation of This Agreemen. l, If the DEVELOPER fails to perform any of the terms <br /> of this Agreement in the manner required by the CITY, the CITY shall be entitled to <br /> recover, from the DEVELOPER or the issuer of DEVELOPER'S financial guarantee, <br /> the full amount of any and all financial guarantees. <br /> <br />15. Recording of This Agreement. The DEVELOPER agrees that this Development <br /> Agreement shall be recorded in the office of the Anoka Count), Recorder and agrees that the <br /> terms and provisions of this Agreement shall run with the land and shall bind the <br /> DEVELOPER, its successor and assigns. <br /> <br /> II. <br /> <br />STAGE II IMPROVEMENTS AND FINANCIAL GUARANTEES: <br /> <br />16. Street Cleaning. From time to time, the CITY may remove accumulations of soil, earth <br /> and debris from the streets resulting, from the construction of the Plat. It shall be the <br /> DEVELOPER'S responsibility to pay the costs associated with this necessary street <br /> cleaning. Invoices from the CITY to DEVELOPER for such costs shall be paid within <br /> <br />DEVELOPMENT AGREEMENT . WOOD POND HILLS - 2ND ADDITION <br /> Page 6 of 11 <br /> <br /> <br />