Agenda - Council - 10/13/1987 - Laserfiche WebLink

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e improvements. The City Engineer has estimated the cost of the improvements to be $ and therefore the required escrow shall be $. . Said escrow may be by cash or letter of credit which if by letter of credit shall be in form satisfactory to the City. The escrow shall be provided to the City prior to the issuance of any certificates of occupancy for any lot in the plat. The Developer agrees that this Development Agreement shall be binding upon its successors and assigns. Breach of any of the terms of this Development Agreement by the Developers shall be grounds for denial of Building Permits for buildings in the RIVER'S BEND PLAZA 2ND ADDITION plat. The term "certificate of occupancy" as used herein shall be defined as: a document issued by the City's Building Official which authorizes a ztructure to be used for its intended purposes. The Developer agrees to reimburse the City for all costs incurred by the City in defense or enforcement of this Agreement, or any portion thereof, including court costs and reasonable engineering and attorney's fees. If any portion, section, subsection, sentence, clause, paragraph or phase of this contract is for any reason held to be invalid by a court of competent jurisdiction, such decisions shall not effect or void any of the other provisions of this Contract. The Developer agrees that this Development Agreement shall be recorded in the office of the Anoka County Recorder and agree that the terms and provisions of this Agreement shall be a covenant imposed on each lot included within the plat. 8. (a) The term "Developer" as used herein refers to: Ramsey Center Partnership -and- Oxbow Properties (b) The address of the Developer for the puroose of this Development Agreement is: Cxbow Properties c/o Lyle McLaughlin 3155 Bunker Lake Boulevard Andover, Minnesota 55304 (c) The plat to which this Development Agreement refers to is: RIVER'S BEND PLAZA 2h~ ADDITION -3 -