08-22-2012 Council Agenda - Laserfiche WebLink

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Yorkton Ridge Instates Development Contract the Developer shall file a copy of the insurance coverage with the City prior to the commencement of the Required Improvements. The insurance policy obtained by the Developer is subject to City approval. In the event that the City is held liable to a third party by a court of competent jurisdiction for damages and the insurance obtained by Developer for any reason fails to cover the City, the Developer shall be liable under this Contract for any and all costs incurred or damages claimed against the City. 3. This Development Contract cannot be assigned or transferred without prior written approval of the City. 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. Recording 9. The Developer shall 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 Fifteen Thousand Dollars ($15,00.00) per lot The Developer's Letter of Credit or surety shall guarantee Developer's completion of all of the Required Improvements, compliance with this Agreement, and compliance with the terms and conditions of approval as delineated by City Resolution Number 2012 -7 -125. Said surety shall be immediately available for City's use to complete part or all of the construction in a timely and satisfactory manner, 2 3