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Gervais Woods <br /> Development Contract <br /> Developer's completion of all of the Required Improvements, compliance with this Agreement, <br /> and compliance with the teams and conditions of approval of the Gervais Woods Plat as <br /> delineated by City Resolution Number 2010-1-26 and any City resolution associated with final <br /> plat approval granted on March 24, 2010. Said surety shall be immediately available for,City's <br /> use to complete part or all of the construction in a timely and satisfactory manner, as determined <br /> in the sole discretion of City. Said surety shall remain in full force and effect until completion <br /> and acceptance of the Required Improvements based on the sole determination of City. After the <br /> first lift of asphalt is applied to the streets and approved by the City Engineer, the financial <br /> security may be reduced to an amount equal to the cost of the final lift of asphalt and any <br /> remaining utility and/or restoration work to be done multiplied by 150%. <br /> 12. The Developer agrees that the terms of the financial security shall be deemed to <br /> have been violated if the Developer fails to perform any of the terms of this Conriact in the <br /> manner required by the City. Determination of a violation of the terms of the Contract shall be <br /> in the sole discretion of the City. The financial security shall be immediately available for use by <br /> the City to complete part or all of the Required Improvements in the event this agreement is <br /> breached or the Required Improvements are not completed in an acceptable or timely manner, as <br /> determined in the sole discretion of the City. The City shall have the right to enter upon the <br /> property to inspect work or complete all or a portion of the Required Improvements as necessary. <br /> In the event the City does any such work, the City may, in addition to its other remedies, assess <br /> its costs in whole or in part. <br /> 13. WAC and SAC charges will become due with each building permit. <br /> 14. Park dedication fees will be payable at the time of the building permit application <br /> <br /> • for each lot within the development based on the fee in effect at the time of the building permit <br /> application. <br /> 15. The Developer shall deposit with the City five thousand dollars ($5,000), from <br /> which any and all costs and expenses incurred by the City, in any way related to this Contract, <br /> including, but not limited to, planning and engineering fees, legal fees, City staff time, cost of <br /> ~s4 - <br /> <br />