08-08-2022 City Council Packet - Laserfiche WebLink

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Watermark 5" Addition Development Agreement August 8, 2022 assumes all liability and costs resulting in delays in completion of public improvements and damage to public improvements caused by the City, the Developer, its contractors, subcontractors, material men, employees, agents or third parties. Any such costs shall be reimbursed from Developer's escrow. 18. Special Provisions. Outlots A, C, and E, Watermark 5th Addition are preserved as permanent Open Space and shall be improved by the Developer in accordance with the approved plans and upon completion and acceptance by the city of such improvements, they shall be owned and maintained by a Homeowner's Association in accordance with an approved Restoration and Management Plan. b. The Watermark HOA clubhouse and related site improvements shall be completed and operating prior to Council approval of Watermark 6th Addition PUD Final Plan/Final Plat. c. At the discretion of the City outstanding punch list items from Watermark 15t and 2nd Addition shall be finalized prior to Council approval of Watermark 6th Addition PUD Final Plan/Final Plat. This clause shall exclude punch list items identified during the warranty period. d. Homeowners' Association Covenants and Restrictions The Developer shall establish a Homeowners' Association (the "HOA") in accordance with the Master Development Agreement. The Homeowners' Association Covenants and Restrictions shall, among other matters, provide for the collection of annual dues for the HOA's maintenance obligation for the [fence and noise wall, collectively, the "Buffer"] within each phase of the Development, together with reasonable reserves. The Covenants and Restrictions shall provide that the City has the right to perform maintenance of the Buffer if the HOA fails to do so in compliance with applicable rules and regulations, and allow for the City to assess a lien or a Minn. Stat. Ch. 429 special assessment against the homesites for work which was to be paid for by the HOA dues. Homeowners' Association Covenants and Restrictions applicable to each phase will be submitted at the time of final plat approval of each phase, and the City shall have the right to review and to approve those portions of the Covenants and Restrictions for each phase within the Development that are required by the terms of this Agreement. Any amendments to the Homeowner's Association Covenants impairing the rights of the City shall be approved by the City Attorney. The Developer and Owner hereby waive, on their own behalves and on behalf of future owners, any procedural or substantive challenge to page 12