05-28-13 Council Packet - Laserfiche WebLink

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Preserve at Lino Lakes Development Contract May, 2013 page 11 at its option, in addition to its rights and remedi es hereunder, after ten (10) days' written notice to the Developer, may declare all of the unpaid special assessments which are then estimated or levied purs uant to this agreement due and payable in full, with interest. The City m ay seek recovery of such special assessments due and payable from the securi ty provided herein. In the event that such security is insufficient to pay the outstanding amount of such special assessments plus accrued interest the City may certify such outstanding special assessments in full to the Coun ty Auditor pursuant to M.S. 429.061, Subd. 3 for collection the following year. The City, at its option, may commence legal action against the Devel oper to collect the entire unpaid balance of the special assessments th en estimated or levied pursuant hereto, with interest, including reasonabl e attorney's fees, and Developer shall be liable for such special assessme nts and, if more than one, such liability shall be joint and several. Also, i f Developer violates any term or condition of this agreement, or if any payment i s not made by Developer pursuant to this agreement the City, at its option, may refuse to issue building permits to any of the property within the plat on which the assessments have not been paid. IV. RECORDING AND RELEASE A. The Developer agrees that the terms of this Deve lopment Contract shall be a covenant on any and all property included in the Su bdivision. The Developer agrees that the City shall have the right to record a copy of this Development Contract with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1 hereof. City shall provide to Developer upon payment of all the specia l assessments levied against a parcel, a release of such parcel from the terms and conditions of this Development Contract subject to provisions contained in this co ntract. V. REIMBURSEMENT OF COSTS A. The Developer agrees to establish a non-interest bearing escrow account with the City in an amount determined by the City Administra tor or his designee for the payment of all costs incurred by the City related t o the development of the Subdivision and the Developer Improvements includin g, but not limited to, the following (See Attachment B for breakdown of costs): 1. Plat Review Fee 2. Planner Review Fee 3. Administration - 3% Construction Cost 4. Engineering 5. Legal