07-26-2021 Council Packet - Laserfiche WebLink

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Lyngblomsten at Lino Lakes Addition Development Agreement July 26, 2021 page 28 And Copy to: Hoagland Law, PLLC Attn: Shannon Hoagland P.O. Box 692514 Orlando, FL 32869 Bank: ___________ Bank Attn: 14. In the event the City declares an Event of Default under the Development Agreement and the Developer fails to cure such default within ten business days of written notice thereof (or such longer period as is provided for in the Development Agreement, then (i) this Agreement shall not terminate, (ii) the City shall have such rights as are available to it pursuant to the Development Agreement, and (iii) all remaining funds held in the Escrow Account shall be disbursed pursuant to the terms hereof for the purpose of paying for any Improvements completed by the City. The City may use such funds solely for the purpose of completing the Developer Improvements secured by this Surety Agreement, as required by the Development Agreement. Developer shall be liable to the City for any shortfall; provided, however, that the City shall have no obligation to complete any Improvements to the extent funds for such Improvements are not available from the Escrowed Funds. 15. This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which shall constitute one and the same instrument. The delivery of an executed counterpart of this Agreement by facsimile or PDF or similar attachment to an email in accordance with Paragraph 13 above shall constitute effective delivery of such counterpart for all purposes with the same force and effect as the delivery of an original, executed counterpart. 16. All remaining funds, after completion of all work as provided in this Agreement, shall be returned to Bank and disbursed by the Bank pursuant to the terms and conditions of the Loan Agreement. All remaining funds held pursuant to this Agreement shall be disbursed to the Bank as soon as reasonably possible after review and approval by the City of all terms and conditions of this Agreement. 17. Escrow Agent shall place all received funds in an FDIC insured account with the Bank. 18. In the event of any cost overruns that are not subject to a guaranteed maximum price contract, which overruns cause the Development to be under-funded and, accordingly, cause the security provided hereunder to be less than security required, Developer shall submit additional security to such cost overruns, and to cause the Development budget to balance, such additional security to be reasonably agreed upon by the City, Developer and Bank.