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proposal of Rum River Hills, Inc., and to take possession of the <br /> <br />cash deposit of $ .... Said sum shall be escrowed in such a <br /> <br />manner as designated by the City Attorney. <br /> <br /> 4. Contingency It is acknowledged by the parties that <br />although the City Charter contains a clause which may entitle <br />Developer to rely on previous municipal approvals, that the <br />Developer and the City nevertheless intend to follow the <br />provisions of the City Charter, without prejudice to their rights <br />to claim exempt status, relative to the requirement of treating <br />the conveyance of Outlots A, B, D and E by ordinance. If in the <br />event pursuant to the City Charter, a referendum be demanded of <br />said ordinance, and said ordinances subsequently be defeated, and <br />in the further event that Developer either unsuccessfully pursues <br />other remedies through the Courts or determines to abandon the <br />project, then, in that event, both parties acknowledge and agree <br />that an appropriate remedy for both equitable and legal relief <br />for both parties would be to have the City unilaterally vacate <br />the entire plat of Rum River Hills, and reconvey Outlots A, B and <br />D to Developer thereby restoring Developer to its original <br />position. Such action shall be at the expense of Developer, and <br />no approval of Developer shall be required for such action. No <br />building permits for any of the property in the planned unit <br />development shall be issued until the operative zoning and land <br />conveyance ordinances are effective. In the event Developer <br />deems it necessary to record the planned unit development plat <br />prior to the effective date of the City's ordinance rezoning the <br />subject property to a P.U.D. zone, Developer shall simultaneously <br />record a notice acceptable to the City Attorney, which notice <br /> <br /> <br />