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Century Farm North 7`1'Addition <br /> Development Agreement <br /> • May 14, 2018 <br /> expiration dates. The Irrevocable Letter of Credit may not be terminated without <br /> the City's written consent. <br /> c. Not Applicable <br /> d. Reduction of Security.The Developer may request reduction of the Letter of Credit <br /> or cash deposit based on prepayment or the value of the completed improvements <br /> at the time of the requested reduction. <br /> 11. Warranty. The Developer warrants all utility work required to be performed by it against <br /> poor material and faulty workmanship for a period of two years after its completion and <br /> acceptance by the City. All new streets shall be warranted by the developer for a period <br /> of one year from the time the final inspection of the street is completed and accepted <br /> by the City. All trees,grass and sod shall be warranted to be alive, of good quality and <br /> disease free for 12 months after planting. Prior to final acceptance of the Developer <br /> Improvements the City shall require a Performance Bond or Cash Escrow to cover the <br /> warranty provisions of this Agreement. The amount shall be determined by the City <br /> Engineer. <br /> 12. Dedication. The Developer shall dedicate to the City, at no cost to the City, any <br /> permanent or temporary easements that may be necessary for the construction and <br /> • installation of the Developer Improvements.All such easements required by the City <br /> shall be in writing, in recordable form,containing such terms and conditions as the City <br /> shall determine. <br /> 13. Ownership of Improvements. Upon completion and City acceptance of the work and <br /> construction required by this Agreement, the public improvements lying within public <br /> right-of-way and easements shall become City property without further notice or action <br /> unless the improvements are to be deemed private infrastructure. <br /> 14. Recording and Release. The Developer agrees that the terms of this Development <br /> Agreement shall be a covenant on any and all property included in the Subdivision. The <br /> Developer agrees that the City shall have the right to record a copy of this Development <br /> Agreement with the Anoka County Recorder to give notice to future purchasers and <br /> owners. This shall be recorded against the Subdivision described on Page 1. <br /> 15. Escrow for City's Costs. <br /> a. The Developer agrees to establish a non-interest bearing escrow account with <br /> the City in an amount determined by the City Administrator or his designee for <br /> the payment of all costs incurred by the City related to the development of the <br /> Subdivision including, but not limited to, the following(See Exhibit C for <br /> breakdown of costs): <br /> Spage 5 <br />