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Hamel Estates <br />Development Contract <br />5. There is no intent to benefit any third parties and third parties shall have no recourse <br />against the City under this Contract. <br />6. The Developer shall reimburse the City for all costs incurred by the City in defense <br />or enforcement of this Contract, or any portion thereof, including court costs and reasonable <br />engineering and attorneys' fees. <br />7. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this <br />Contract is for any reason held to be invalid by a court of competent jurisdiction, such decision <br />shall not affect or void any of the other provisions of the Development Contract. <br />8. It is agreed that the City has the right, privilege and authority as a condition <br />precedent to the approval of the plans and specifications and approval of Final Plat, to prescribe <br />design requirements for any Improvements within the Plat. <br />Recording <br />9. The Developer shall record the Plat with Ramsey County. <br />10. The Developer shall record the Development Contract with Ramsey County <br />simultaneous with the recording of the Plat and shall forward confirmation of the recording of <br />the document to the City. In the event that technical or clerical revisions are needed in the <br />document or if for any reason the County Recorder deems the Development Contract <br />unrecordable, the Developer shall cooperate with the City in the execution or amendment of any <br />revised Development Contract. <br />Finance <br />11. As financial security, Developer shall furnish the City with a Developer's Bond or <br />Letter of Credit in an approved format in an amount equal to 125% of the total of the contract(s) <br />required to complete the Required Improvements. The exact amount is to be determined after <br />Developer provides evidence of the contract amount(s). The Developer's Bond or Letter of <br />Credit shall guarantee Developer's completion of all of the Required Improvements and <br />compliance with this Agreement. Said surety shall be immediately available for City's use to <br />complete part or all of the construction in a timely and satisfactory manner, as determined in the <br />- ' -4- <br />