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The Village No. 5 <br />Development Contract <br />May , 2013 <br /> page 12 <br />of the outlot shown in the approved plans to be encumbered by the <br />proposed driveway connection to Town Center Parkway. <br /> <br />XIV . VIOLATIONS/BUILDING PERMITS <br />A. In the event that Developer violates any of the covenants and agreements contained <br />in this Development Contract and to be performed by the Developer, the City, at its <br />option, in addition to the rights and remedies as set out hereunder may refuse to <br />issue building permits and/or Certificate of Occupancies to any property within the <br />Subdivision until such time as such default h as been corrected to the satisfaction of <br />the City. <br /> The City shall give prior written notice to the Developer of any default hereunder <br />before proceeding to enforce any financial guarantee, including the Letter of Credit, <br />or before the City undertakes any w ork for which the City will be reimbursed <br />through the financial guarantee. If within ten (10) days after such notice to it, the <br />Developer has not notified the City by stating in writing the manner in which the <br />default will be cured and the time within whi ch such default will be cured, or if the <br />City does not approve of the method or timing of the cure, which approval will not <br />be unreasonably withheld, the City will proceed with the remedy it deems <br />appropriate. <br />X V. PARK DEDICATION <br />A. The Park ded ication fee f or this site is calculated as follows: <br /> <br />1.25 Acres x $2,175 = $2718.75 <br /> <br />XV I . PROPERTY TAXES <br />A. Should the recording of the Final Plat occur after July 1, any and all property taxes <br />on any public property dedicated as a part of this plat shall be the respon sibility of <br />the Developer. Dollars shall be incorporated into the escrow agreement to cover the <br />cost of said property taxes.