#10 - Lake Elmo Elementary Development Agreement

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23 LA515\147\1015204.v1 LA515\147\1015204.v1 the City Engineer that work is progressing in accordance with the approved Plans and the terms of this Agreement and that all financial obligations to the City have been satisfied, the City Engineer may approve a one-time reduction in the Security for Construction Categories 2-5 in an amount not to exceed 50 percent of the initial Security amount. This one-time Security reduction does not apply to Categories 4- 5 if boulevard sidewalks or trails have not been installed. 31. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Agreement that must be paid to the City before recording the final plat: City Base Map Upgrading ($25.00 per REU): $______ City Engineering Administration Escrow: $______ TOTAL CASH REQUIREMENTS: $______ 32. NOTICES. Required notices to the Developer shall be in writing, and shall be either hand delivered to the Developer, its employees or agents, or mailed to the Developer by certified mail at the following address: Stillwater Area Public Schools, 1875 Greeley Street South, Stillwater, MN 55082, Attn: Mark Drommerhausen and email address drommerhausenm@stillwaterschools.org. 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 at the following address: Lake Elmo City Hall, 3880 Laverne Avenue N., Lake Elmo, Minnesota 55042. 33. EVIDENCE OF TITLE. The Developer shall furnish the City with evidence of fee ownership of the property being platted by way of a title insurance policy dated not earlier than 30 days prior to the execution of the plat. 34. COMPLIANCE WITH LAWS. The Developer agrees to comply with all laws, ordinances, regulations, and directives of the state of Minnesota and the City applicable to the Subdivision. This Agreement shall be construed according to the laws of the Minnesota.