Laserfiche WebLink
2) 1/15 of the equity contributed by the Developer ( "Equity Contribution ") as set out on <br />Exhibit B attached hereto; <br />3)Interest which has accrued on the uncredited balance of the Equity Contribution, the <br />interest rate shall be 4% per annum and shall begin to accrue upon recording of the plat; and <br />4) 1/15 of the Developer's landscaping contribution as set out on Exhibit C attached <br />hereto ( "Landscape Credit ") the Developer shall only be entitled to credit for costs actually <br />incurred at the time the credit is calculated for an individual lot. <br />Once the sum of Landscape Credit granted the Developer by the City equals $100,000.00, <br />this Credit shall terminate and developer shall be entitled to no further Landscape Credits against <br />any future lot releases. The Developer shall not be entitled to a Landscape Credit until the <br />Developer has presented documentation to the City supporting the Landscape Credit claim. The <br />City shall have sole discretion to determine if the documentation is adequate and the amount of <br />the Landscape Credit to which the Developer is entitled. <br />The above Credits represent all Credits due the Developer against the Release Price. The <br />Developer shall not be entitled to any credits for costs which do not appear on either Exhibits B <br />or C. <br />To secure payment of the Lot Release Price, the Developer shall grant the City a secured <br />interest in each lot located in the plat. Any construction mortgage placed on any of the lots <br />within the plat shall be subordinate to the City's interest and special assessments <br />12. As financial security, Developer shall furnish the City with a Letter of Credit or <br />other security in a City approved fo,n,at in an amount equal to One Hundred and Twenty -Five <br />Percent (125 %) of the estimated costs of installing the Required Improvements. Written <br />estimates or executed contracts for installation of Required Improvements must be submitted to <br />the City to document the costs of development. The Developer's Letter of Credit shall guarantee <br />9 4_ <br />