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1 <br /> <br /> <br />PUBLIC IMPROVEMENT SURETY AGREEMENT <br /> <br />NorthPointe 4th Addition <br /> <br /> THIS AGREEMENT is entered into on ____________, 2016, by <br />____________________________ (hereinafter "Escrow Agent"), City of Lino Lakes <br />(hereinafter "City"), and Tony Emmerich Construction, Inc. (hereinafter "Developer"). <br /> <br />RECITALS <br /> <br /> WHEREAS, City and Developer have entered into a Development Contract and <br />Planned Unit Development Agreement dated __________ pursuant to which Developer has <br />agreed to deposit certain funds as identified in Paragraph 2 below in escrow in lieu of a letter <br />of credit; and <br /> <br /> WHEREAS, Developer agrees to privately construct improvements serving <br />NorthPointe 4th Addition, legally described on Attachment A. The Final Plat is attached hereto <br />as Attachment B; and <br /> <br /> WHEREAS, City and Developer desire that Escrow Agent disburse the advances and <br />Escrow Agent is willing to do so on the terms and conditions hereinafter set forth yet not <br />providing any title or mechanic lien clearance services; and <br /> <br /> WHEREAS, capitalized terms used, and not otherwise defined herein, shall have the <br />meanings set forth in the Development Contract & Planned Unit Development Agreement; <br />and <br /> <br /> NOW THEREFORE, in consideration of the foregoing recitals and other good and <br />valuable consideration, it is agreed between the parties as follows: <br /> <br />1. Developer will deposit escrowed funds in the amount of $1,080,904.00 with Escrow <br />Agent. <br /> <br />2. The Escrow Agent is authorized and directed to disburse the funds deposited hereunder <br />to Developer to pay the costs of construction of the identified improvements (See <br />Attachment C) to be constructed on the described real property as such property is <br />identified in the Development Contract & Planned Unit Development Agreement. The <br />number of permissible draws and the fees to be charged therefore is as is set forth <br />herein. <br /> <br />3. Prior to each disbursement of funds by the Escrow Agent to the Developer, the City and <br />Escrow Agent must be furnished with the following items: <br />