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Development Contract— Site Grading Only <br /> Grandview <br /> August 13, 2007 <br /> • Developer's Improvements. An Irrevocable Letter of Credit <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. The City <br /> reserves the right to draw, in whole or in part, on any portion <br /> of the Irrevocable Letter of Credit for the purpose of <br /> guaranteeing the terms and conditions of this contract. The <br /> Irrevocable Letter of Credit shall be automatically extended <br /> for additional periods of one year from present or future <br /> expiration dates unless thirty (30) days prior to such the City <br /> Clerk or Administrator is notified in writing by certified mail <br /> that the Letter of 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 City improvements are proposed under the grading 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 I 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 /> • <br /> page 7 <br />