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The Preserve <br />Development Contract <br />Contract <br />1. The Developer shall cause to be constructed, at its own cost and risk, the Required <br />Improvements according to City standards. All of the Required Improvements shall be approved <br />by the City and shall be consistent with the approved Plat, and the Grading, Drainage, Erosion <br />Control, and Landscaping Plans as revised and dated January 17, 2006; subject to review and <br />approval by the City Engineer. A copy of the subdivision plat is attached hereto and <br />incorporated herein as Exhibit A. <br />2. The Developer shall have no claim against the City and its officers and employees <br />for damages sustained or costs incurred resulting from Plat approval and development. The <br />Developer agrees to indemnify, defend and hold harmless the City, its agents and employees <br />from any claim, demand, suit, action or other proceeding whatsoever by any person for any loss <br />or damage to property or any injury to or death of any person resulting from any actions of the <br />Developer, or their agents or contractors. Until all of Developer's obligations under this contract <br />are fulfilled, the Developer shall provide and maintain public liability and property damage <br />insurance covering personal injury, including death, and claims for property damage which may <br />arise. Limits for bodily injury or death shall not be less than $1,000,000 for one person and <br />$5,000,000 for each occurrence. Limits for property damage shall not be less than $5,000,000 <br />for each occurrence. The City shall be named as an additional named insured on said policy, and <br />the Developer shall file a copy of the insurance coverage with the City prior to the <br />commencement of the Required Improvements. The insurance policy obtained by the Developer <br />is subject to City approval. In the event that the City is held liable to a third party by a court of <br />competent jurisdiction for damages and the insurance obtained by Developer for any reason fails <br />to cover the City, the Developer shall be liable under this Contract for any and all costs incurred <br />or damages claimed against the City. <br />3. This Development Contract cannot be assigned or transferred. <br />-2- <br />- 3 - <br />