February 21, 2006 CCP - Laserfiche WebLink

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interim,,the Developer shall be responsible for maintenance of such Outlots. 4.12 Manning Avenue Improvements. As part of the development of The Sanctuary of Lake Elmo, the Developer anticipated marking certain improvements to that portion of Manning Avenue that extends southerly from State Trunk Highway 36 to the entrance of The Sanctuary of Lake Elmo (the "Manning Avenue Improvement'). The proposed Manning Avenue Improvement was. designed to comply with City standards for local streets and was to be constructed by the Developer but may need to be designed to meet Minnesota Department of Transportation standards for State Aid Roads, in which event, the Manning Avenue Improvement will be constructed by the City and the cost of the Manning Avenue Improvement will increase. Pending approval of final design standards and prior to the issuance of any building permits for residential dwellings in The Sanctuary of Lake Elmo, the Developer agrees to escrow $75,000.00 with the City for its share of the Manning Avenue Improvement. The escrow shall be placed in a restricted account. The initial deposit and any interest accrued thereon may only be used by the City to reimburse itself for up to 50 percent of the costs incurred by the City for the Manning Avenue Improvement. If the City constructs the Manning Avenue Improvement to the Minnesota Department of Transportation standards, it will not specialty assess any of the property in The Sanctuary of Lake Elmo for such improvement but wilt rely solely on the proceeds in the escrow account and any interest accrued thereon which shalt be used in full satisfaction of the Developer's obligations for the Manning Avenue Improvement. If 50 percent of the cost of a Manning Avenue Improvement constructed by the City is less than $75,000.00 and any interest accruing thereon, the City shall remit the difference to the Developer. 4.13 Binding Effect. The terms and provisions of this agreement shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or any part of the Property. This Agreement, at the option of the City, shall be placed of record so as to give notice thereto to any subsequent purchasers and encumbrancers of all or any part of the Property and all. recording fees, if any, shall be paid by the Developer. 4.14 Notices. Whenever in this Agreement notice is required to be given by one party to the other, such notice shall be delivered personally or shall be sent by certified mail, return receipt requested to the following addressees. Such notice shall be deemed timely given when delivered personally or when deposited in the mail in accordance with this section. 7