#19 - Roers LE Multifamily Final Plat

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LA515\110\984498.v1 E. It is the intent of the parties that the City at all times have available to it Security in an amount adequate to ensure completion of all elements of the Subdivision Improvements and other obligations of the Developer under this Agreement, including fees or costs due to the City by the Developer. To that end and notwithstanding anything herein to the contrary, all requests by the Developer for a reduction or release of the Security shall be evaluated by the City in light of that principle. 34. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Agreement which must be paid to the City prior to the execution of this Agreement by the City: Park Dedication: $380,000 City Engineering Administration Escrow: $50,000 TOTAL CASH REQUIREMENTS: $430,000 35. NOTICES. Required notices to the Developer shall be in writing, and shall be either hand delivered to the Developer, their employees or agents or mailed to the Developer by certified mail at the following addresses: Roers Lake Elmo Apartments LLC, 2 Carlson Parkway, #400, Plymouth, MN 55447, Attn: Logan Schmidt (Logan.Schmidt@roerscompanies.com) and Jackie Page (Jackie@roerscompanies.com). Notices also may be delivered to the Developer via email to the above email addresses, provided that a hard copy of the notice is also delivered by certified mail or hand delivery. Notices to the City shall be in writing and shall be either hand delivered to the City Administrator or mailed to the City by certified mail in care of the City Administrator Nicole Miller (NMiller@lakeelmo.gov) at the following address: Lake Elmo City Hall, 3880 Laverne Avenue N., Lake Elmo, Minnesota 55042. Notices may also be delivered to the City via email to the above email address, provided that a hard copy of the notice is also delivered by certified mail or hand delivery.