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bi:V[:I_OI'I,~LNT C. ON-[RACI' - PARKWAY ESIAIES' <br /> <br />10. <br /> <br />ll. <br /> <br />12. <br /> <br />13. <br /> <br />14. <br /> <br />the deposit of 25% subject to the Developers agreement that all levied special <br />assessments pertaining to the lots within the subdivision be paid at the time <br />of closing of the sales of the lots within the subdivision and payment of all <br />pending special assessments pertaining to the lots within the subdivision be <br />guaranteed by escrowing an amount equal to 125% of the pending special assess- <br />ments at the time of the closing of the sales of the lots within the subdivision. <br />The total estimated costs of the improvement is $ (escrow amount <br />is $ ). The financial guarantee shall assure the City that the im- <br />provements required herein will be actually constructed and installed accord- <br />ing to specifications approved by the City. <br /> <br />The Developers agree to supply said financial guarantee to the City prior to <br />awarding the construction contracts by the City. The Developers agree that <br />when 75% of the assessments are paid, the City will apply the deposit to pay <br />the remaining 25% of the assessments. <br /> <br />The Developers agree that the terms of the financial guarantee shall be deemed <br />to have been violated if the Developers fail {o perform any of the terms of <br />the Contract in the manner required by the City and the City shall be entitled <br />to recover from the Developer or the Developer's surety, the full amount of the <br />financial guarantee. <br /> <br />After the street surfacing is insta-lled, the Developers shall clear any soil, <br />earth, or debris from the streets and from the lots within the plat resulting <br />from any construction on the land within the plat by the Developers or its <br />successors or assigns. The Developer, its successors or assigns agree to <br />complete all finished grading and swales and ditches to the satisfaction of <br />the City Engineer and to maintain said grading, swales and ditches until cer- <br />tificat~ofoccupancy are issued for all lots within the-plat. During this <br />period the Developer shall prevent erosion by wind and water to the satisfac- <br />tion of the City Engineer. <br /> <br />The Developers agree that this Development COntract shall be binding upon its <br />successors and assigns. Breach of any of the terms of this Development Contract <br />by the Developers shall be grounds for denial of Building Permits for buildings <br />within the plat. <br /> <br />The Developers agree that they will not sell, rent, or otherwise cause to be <br />occupied, any premises constructed upon property within the plat until the City <br />has approved the construction of the improvements covered by this Development <br />Contract, unless the City has agreed in writing to waive this requirement as <br />to a specific premises. <br /> <br />The Developers agree to reimburse the City for all costs incurred by the City <br />in defense of enforcement of this Contract, or any portion thereof, including <br />court costs and reasonable engineering and attorney's fees. <br /> <br />If any portion, section, subsection, sentence, clause, paragraph or phase of <br />this contract is for any reason held to be invalid by a court of competent <br />jurisdiction, such decision shall not effect or void any of the other provisions <br />of the Development Contract. <br /> <br />-3- <br /> <br /> <br />