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responsible for the expense associated with the construction of <br />these impr ov~ents. <br /> <br /> a. Construction by Developer Developer shall <br />guarantee that the construction of the streets together with all <br />necessary ditches, backsloping, drainage and appurtenant <br />improvements, shall be in accordance with the standards of the <br />City of Ramsey, as found in the City Code, and as recommended by <br />the City Engineer. Pursuant to this 9uarantee, Developer shall <br />post security in a form approved by the City Attorney <br />guaranteeing that construction in conformance with City standards <br />shall be completed on or before July 1, 1986. Said security <br />shall be in the amount of $ 317,000.00, which amount represents <br />150% of the estimated cost of constructing the improvements as <br />determined by the City Engineer. All construction as described <br />in this Agrc~mnt shall be at the sole expense of the Developer. <br /> <br /> 3. Parkland Dedication Fee The Developer shall pay <br />the City's required park dedication fee in accordance with the <br />current CityCodereqtttr~ments. <br /> <br /> 4. Restrictive Covenants Contemporaneously with and <br />immediately following the recording of the plat, and other <br />documents of conveyance as contemplated by this instrument, <br />Developer shall execute and cause to be recorded protective <br />covenants in a form and manner identical to Exhibit 'C"hereto <br />attached. The restrictive covenants shall be subject to approval <br /> <br /> 5. Grading and Drainage Plan The Developer shall <br />comply with the drainage and grading plans attached hereto and <br />incorporated herein as Exhibit "D", which plans shall be as <br />approved by the City Engineer. <br /> <br /> 6. Extension of White Tail Lane The Developer shall <br />extend White Tail Lane from its eastern terminus across Outlot C <br />of the P.U.D. to the western terminus of 164th Avenue N.W. This <br />extension, including right-of-way acquisition and street <br />construction expense, shall be completed at the Developer's <br />expense and completed prior to July 1, 1988. Pursuant to this <br />obligation, Developer shall post security in a form approved by <br />the City Attorney. Said security shall be in the amount of <br />$ 122,850.00, which amount represents 150% of the estimated <br />cost of constructing the street as determined by the City <br />Engi~cr. <br /> <br /> 7. Building Permits Developer agrees that, in compliance <br />with the City Code, no building Permits shall be issued until <br />(1) the construction bonds above described have been provided, <br />and (2) Class V gravel has been applied to the dedicated streets <br />and the streets have been approved by the City Engineer. <br /> <br />-2- <br /> <br /> <br />