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The above Credits represent all Credits due the Developer against Developer's <br />Contribution. The Developer shall not be entitled to any credits for costs which do not appear on <br />either Exhibits C or D. <br />To secure payment for the Developer's Contribution, the Developer shall grant the City a <br />secured interest in each lot located in the plat. Any construction mortgage placed on any of the <br />lots within the plat shall be subordinate to the City's interest and special assessments. The <br />secured interest shall be released upon sate of the completed home and upon payment of any <br />outstanding special assessments for the lot in question. <br />13. The City acknowledges that the Developer's Equity Contribution (Exhibit C) <br />combined with the Landscaping Credit (Exhibit D) and the special assessments of $57,000 per <br />lot will exceed the $100,000 per lot Developer's Contribution By December 31, 2013, City shall <br />remit to Developer by December 31, 2013 any excess contributed capital, including the <br />Landscaping Credit and special assessments levied, above the $1,500,000 for the cost of all 15 <br />lots less $150,000 2007000 -to be retained by the City as financial surety to guarantee Developer's <br />performance pursuant to this Contract. $10,000 shall be released upon the sale of each <br />completed home as evidenced by the Certificate of Occupancy issued by the City and receipt of a <br />copy of the Certificate of Real Estate Value for the property in question. However, should the <br />average selling price not be at least $475,000, then no release shall occur until a subsequent sale <br />restores the average to at least $475,000. Should all 15 lots have homes constructed upon them <br />and the average selling price is below $475,000, the Developer shall forfeit $10,000 to City for <br />every property that does not allow the average to $475,000 to be attained. $480-;000 -of that <br />amount- shall -be- released- upon..- -the-- Developer's- eempletien of-the-Required-Improvements. <br />$503000- shall -be released -when- al1-1-5- lots -have -hexes eonstructed -upon-theirs and-certificates-of <br />oee-- upaney. h•ave- been - issued- fee- thenrby- the -Crty. The--14(n14-51.1,000-shall-be-released-upon <br />_5_ <br />