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Grandview <br />Development Contract <br />October 22, 2007 <br />B. If the above escrow amounts are insufficient, the Developer shall make such <br />additional deposits as required by the City. The City shall have a right to reimburse <br />itself from the Escrow upon notice to the Developer, with suitable documentation <br />supporting charge. <br />VI. BUILDING PERMITS <br />A. The Developer agrees that building permits may be issued upon approval of the <br />Final Plat by the City Council at which time all required Financial Security shall be <br />in place with the City. <br />B. The Developer further agrees that Sewer, Water, Storm Sewer, and Bituminous <br />Base Construction of the Streets, temporary street signs, gas, electric, and telephone <br />will be completed prior to the issuance of building permits. <br />C. Model Homes <br />The City agrees that one structure can be installed as a model home upon approval <br />of final plat. The right to obtain such building permits shall be contingent upon the <br />following: <br />1. Execution of this development contract, providing a Letter of Credit in the <br />amount of $100,000.00 and an escrow amount of $10,000.00. <br />2. Construction shall be limited to maintain a minimum distance of 150' from <br />the furthest exterior wall to an improved gravel street as per the State Fire <br />Code. The Developer may construct and maintain such access in order to <br />meet said requirements. <br />3. Prior to release of the building permits for a structure, the builder shall enter <br />into a separate agreement with the City which would not allow the building <br />to be occupied after issuance of certificate of occupancy by anyone other <br />than the builder for exhibiting the home for model purposes nor would they <br />convey the property to any other third parties by any means until all of the <br />public and private utilities have been installed to serve the building and <br />accepted by the City. This includes all other requirements provided in this <br />agreement <br />D. The Developer further agrees that an as -built survey certifying that all the grading <br />complies with the grading plan prior to issuance of building permits. <br />E. Each lot must have a City approved Certificate of Grading showing the as -built <br />survey prior to an issuance of a Certificate of Occupancy. It shall be the <br />responsibility of the Developer, its purchasers, builders or contractors to ensure <br />compliance with the grading plan. <br />page 8 <br />