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1) Storm sewer improvements to complete 146th Street drainage -$46,346.00; <br /> 2) Curb and pavement along 146th Street- $5,858.00; <br /> 3) Reinstallation of sanitary sewer service to Block 3 - $6,100.00; and <br /> 4) Hydrant relocation/curb repair along 146th Street and curb repair made at direction of City <br /> $12,816.00. <br /> The total costs incurred by K. Hovnanian to perform the Work that was to be done by RTC and <br /> which is reimbursable under the Escrow Agreement is $71,120.00. <br /> H. As set forth in the November 21, 2007 letter from K. Hovnanian's attorney (Attachment B <br /> hereto), RTC has consented to the release of $71,120.00 to K. Hovnanian from the Escrow <br /> Account. <br /> I. K. Hovnanian has decided not to proceed with the development of the Property and is <br /> currently trying to sell the Property. <br /> AGREEMENT <br /> NOW, THEREFORE, in consideration of the mutual promises contained herein and for other <br /> good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, <br /> the Parties agree as follows: <br /> 1. The Parties agree that the Recitals set forth above are hereby incorporated as material <br /> covenants and terms to this Agreement. <br /> 2. K. Hovnanian has met the applicable requirements of the 2005 Secondary Development <br /> Contract and is entitled to reimbursement of the following surplus amounts (the <br /> "Reimbursement")that are currently in the City's escrow account: <br /> a) Inspection Fees - $33,637.85; and <br /> b) Landscape Maintenance Guaranty - $37,230.00. <br /> 3. The Reimbursement payment shall be made payable to "K. Hovnanian Homes of Minnesota, <br /> L.L.C." and issued within thirty (30) days of the Effective Date. The Reimbursement Payment <br /> shall be sent via overnight mail to: <br /> Mary Ranum, Esq. <br /> Fredrikson& Byron, P.A. <br /> 200 South Sixth Street, Suite 4000 <br /> Minneapolis, MN 55402-1425 <br /> or, sent via wire as follows: <br /> Wire Instructions: <br /> ABA Number: 031207607 <br /> Bank Name: PNC Bank <br /> Bank Location: Moorestown, NJ <br /> Account Name: K. Hovnanian Enterprises, Inc. <br /> Account Number: 8026269039 <br /> Reference: K. Hovnanian Homes of Minnesota, LLC <br />