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• <br />• <br />TURNBERRY CROSSING <br />DEVELOPMENT AGREEMENT <br />3 -28 -2005 <br />Letter of Credit, based on one hundred fifty (150 %) percent of the <br />total estimated cost of Developer's Improvements. An Irrevocable <br />Letter of Credit shall be for the exclusive use and benefit of the City <br />of Lino Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the terms <br />and conditions of this Development Contract and construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of Credit <br />for the purpose of guaranteeing the terms and conditions of this <br />contract with thirty (30) days written notice. The Irrevocable Letter <br />of Credit shall be automatically extended for additional periods of <br />one year from present or future expiration dates unless thirty (30) <br />days prior to such the City Clerk or Administrator is notified in <br />writing by certified mail that the Letter of Credit will not be <br />renewed. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cash deposit based on prepayment or the value of the <br />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the one -year warranty provisions of <br />the agreement. The amount shall be determined by the City <br />Engineer. <br />III. CITY IMPROVEMENTS <br />A. There are no new City Improvements for this project. <br />IV. RECORDING AND RELEASE <br />A. The Developer agrees that the terms of this Development Contract shall be a <br />covenant on any and all property included in the Subdivision. The Developer agrees <br />that the City shall have the right to record a copy of this Development Contract with <br />the Anoka County Recorder to give notice to future purchasers and owners. This <br />shall be recorded against the Subdivision described on Page 1 hereof. City shall <br />provide to Developer upon payment of all the special assessments levied against a <br />parcel, a release of such parcel from the terms and conditions of this Development <br />Contract subject to provisions contained in this contract. <br />• B. Homeowners association declaration/covenants must be submitted for City Attorney <br />review as required by the City's final plat requirements. In addition, the Developer <br />page 8 <br />-33- <br />