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Gervais Woods Development Contract 4. Any breach of the terms of this Agreement by the Developer shall be grounds for denial of the issuance of any building permit. 5. There is no intent to benefit any third parties and third parties shall have no recourse against the City under this Contract. 6. The Developer shall reimburse the City for all costs incurred by the City in defense or enforcement of this Contract, or any portion thereof, including court costs and reasonable engineering and attorneys' fees. 7. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Contract is for any reason held to be invalid by a court of competent jurisdiction, such decision shall not affect or void any of the other provisions of the Development Contract. 8. It is agreed that the City has the right, privilege and authority as a condition precedent to the approval of the plans and specifications and approval of Final Plat, to prescribe design requirements for any Improvements within the Plat. RecordinL 9. The Developer shall, within a reasonable time frame, record the Plat with Ramsey County. 10. The Developer shall record the Development Contract with Ramsey County subsequent to the recording of the Plat and shall forward confirmation of the recording of the document to the City. In the event that technical or clerical revisions are needed in the document or if for any reason the County Recorder deems the Development Contract unrecordable, the Developer shall cooperate with the City in the execution or amendment of any revised Development Contract. Finance 11. As financial security, Developer shall furnish the City with a Letter of Credit or other security in a City approved format in an amount equal to One Hundred and Twenty-Five Percent (125%) of the improvement contract, an executed copy of which must be submitted to the City to document the costs of development. The Developer's Letter of Credit shall guarantee ~ ~3 -