#08 - Crossroads East 5th Amendment to the Development Agreement

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2 LA515\93\999675.v2 WHEREAS, the City and Developer entered into a Fourth Amendment to the Development Agreement on October 18th 2022 and recorded with Washington County on ____________ as Document No. ____________(the “Fourth Amendment”); and WHEREAS, the Developer is requesting a Fifth Amendment to the Development Agreement to amend Section 32 of the Development Agreement so that the landscaping security reductions be changed to the City’s standard landscaping security reduction percentages; and NOW, THEREFORE, in consideration of the above recitals, which are expressly incorporated herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and the Developer agree to this Fifth Amendment to the Development Agreement as follows: 1. Paragraph 32 of the Development Agreement is hereby amended to read as follows: 32. REDUCTION OF SECURITY. Upon written request by the Developer and upon receipt of proof satisfactory to the City Engineer that: 1) all Subdivision Improvements are Complete; 2) all of the storm sewer improvements have been installed by the Developer in accordance with the Corrected Storm Sewer Plan and deemed Complete by the City Engineer and the stormwater BMPs in the public right-of-way have been tested and deemed successful by the City and Valley Branch Watershed District; and 3) that all financial obligations to the City have been satisfied, the City Engineer may approve reduction in the Security up to 75 percent of the Security associated with the itemization on Exhibit C. (A) Twenty-five percent of the original Security amount, excluding grading and landscaping improvements shall be retained until the warranty period has expired. (B) The City may reduce the Security attributable to accepted Landscaping Improvements by up to 75 percent upon acceptance of the Landscaping Improvements into the warranty period by the City. The City will retain the remaining 25 percent of the Security attributable to accepted Landscaping Improvements until (1) all Landscaping Improvements have been fully completed and accepted by the City, including all corrective work and warranty punch list items being completed by the Developer; (2) all financial obligations to the City have been satisfied; and (3) the warranty period has expired. 3. Amendment Controls; Ratification and Affirmation. In the event that the terms of this Fifth Amendment and the Development Agreement and the various amendments to the Development Agreement are held to be inconsistent, the terms of this Fifth Amendment shall control. The parties each agree and warrant that, in all other respects, the Development Agreement and its various amendments are unmodified, in full force and effect, and each party hereby ratifies and affirms the Development Agreement, its various amendments, and any terms contained therein not otherwise modified by this Fifth Amendment.