Laserfiche WebLink
ATTACHMENT D <br />PUBLIC IMPROVEMENT SURETY AGREEMENT <br />Saddle Club <br />THIS AGREEMENT is entered into on , 2014, by <br />(hereinafter "Escrow Agent"), City of Lino Lakes <br />(hereinafter "City"), and DuPont Holdings, LLC (hereinafter "Developer"). <br />RECITALS <br />WHEREAS, City and Developer have entered into a Development Contract and <br />Planned Unit Development Agreement dated pursuant to which Developer has <br />agreed to deposit certain funds as identified in Paragraph 2 below in escrow in lieu of a letter <br />of credit; and <br />WHEREAS, Developer agrees to privately construct improvements serving the <br />property legally described on attached Exhibit A; and <br />WHEREAS, City and Developer desire that Escrow Agent disburse the advances and <br />Escrow Agent is willing to do so on the terms and conditions hereinafter set forth yet not <br />providing any title or mechanic lien clearance services; and, <br />WHEREAS, capitalized terms used, and not otherwise defined herein, shall have the <br />meanings set forth in the Development Contract & Planned Unit Development Agreement; <br />and <br />NOW THEREFORE, in consideration of the foregoing recitals and other good and <br />valuable consideration, it is agreed between the parties as follows: <br />1. Developer will deposit escrowed funds in the amount of $980,800.00 with Escrow Agent. <br />2. The Escrow Agent is authorized and directed to disburse the funds deposited hereunder to <br />Developer to pay the costs of construction of the identified improvements (See Exhibit <br />B) to be constructed on the described real property as such property is identified in the <br />Development Contract & Planned Unit Development Agreement. The number of <br />permissible draws and the fees to be charged therefore is as is set forth herein. <br />3. Prior to each disbursement of funds by the Escrow Agent to the Developer, the City and <br />Escrow Agent must be furnished with the following items: <br />a. Sworn Construction Statement, setting forth all contractors and material suppliers <br />with whom the Developer has contracted, the amounts of each contract, the <br />amounts paid -to -date, the amounts being requested, and the balances due. <br />b. The draw request by the Developer for the requested disbursement. <br />1 <br />