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• <br />• <br />Development Contract <br />Millers Crossroads 2nd Addition <br />March 28, 2005 <br />shall be for the exclusive use and benefit of the City of Lino <br />Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the <br />terms and conditions of this Development Contract and <br />construction of all required improvements in accordance with <br />the ordinances and specifications of the City. In the event of <br />a default by Developer and after thirty (30) days prior written <br />notice to Developer, the City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of <br />Credit for the purpose of performing the terms and <br />conditions of this contract. Until Developer has completed <br />the improvements required herein, the Irrevocable Letter of <br />Credit shall be automatically extended for additional periods <br />of one year from present or future expiration dates unless <br />thirty (30) days prior to such the City Clerk or Administrator <br />is notified in writing by certified mail that the Letter of <br />Credit will not be 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's <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the warranty provisions of the <br />agreement. The amount shall be determined by the City <br />Engineer. <br />III. CITY'S IMPROVEMENTS <br />A. No new City Improvements. <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 Pages 1 -4 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 />page 7 <br />-66- <br />