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<br />ARTICLE IV. RESPONSIBILITY FOR COSTS. The Developer shall <br />reimburse the city for all costs reasonably expended by the City <br />in regard to the Project if, for any reason, the Project is <br />abandoned or not completed within 24 months of the date of this <br />Agreement, including a determination by the City that the Project <br />is not feasible. Neither the Owner nor the Developer shall be <br />responsible for the costs if the Project is initiated and <br />successfully concluded, except, with respect to the Owner, its <br />heirs, successors or assigns, to the extent that the Property may <br />be assessed pursuant to Minnesota Statutes, Chapter 429 or <br />Chapter 8 of the City Charter for benefits received. <br /> <br />ARTICLE V. SECURITY FOR PAn~ENT OF COSTS. In order to secure <br />payment of the costs incurred by the Ci ty in the Project, the <br />Developer shall deliver to the City cash or a letter of credit in <br />t.h~.u amount of $15,000. The letter of credit shall be in a form <br />satisfactory to the City. The cash or letter of credit shall be <br />delivered by the Developer to the City within seven days of the <br />date of this Agreement. The letter of credit shall be valid for <br />a minimum of 24 months from the date of this Agreement. If while <br />determining the feasibility of the Project the City determines <br /> <br />3 <br />