10-09-2013 Additions - Laserfiche WebLink

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remit to Developer any excess contributed capital, including the Landscaping Credit and special assessments levied, above the $1,500,000 for the cost of all 15 lots less $150,000 to be retained by the City as financial surety to guarantee Developer's performance pursuant to this Contract. No interest is payable on the dollars held as surety. The financial surety shall be available for the City's use as follows: a. To guarantee Developer's performance pursuant to the terms of this agreement. b. To offset damages to the City should Developer not achieve an average estimated market value per property of $450,000 based on the value assigned by Ramsey County to each of the 15 lots in this development by January 2, 2017 or an average selling price of $475,000 for all 15 lots in this development based on the certificates of real estate value filed with the sale of each developed lot. The damage amount to be retained by the City is depicted in Exhibit E attached hereto. c. 1 he Lit2 shall release Ten thousand dollars and no/100 ('10.000) for each I ot that is sold \with a ccrllCiente of real estate \aiuc (C'RV ol x;475.000 or ucater. Said release Thal! occur vuThin30 daysn! the Dev doper provlaw. e v Hence of the completed sales transaction _ and a cop\ of the CRY. 14. The Developer agrees that the terms of the financial security shall be deemed to have been violated if the Developer fails to perform any of the terms of this Contract in the manner required by the City. City shall provide Developer ten (10) days written notice of any violation of the terms of the Contract. Determination of a violation of the terms of the Contract shall he in the sole discretion of the City, which shall not be unreasonable. The financial security shall be available for use by the City to remedy any violation of the terms of this agreement, - 5-