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l�71�171�Cel���i31 <br />The terms and provisions hereof shall be binding upon and inure to the <br />( benefit of the heirs, representatives, successors and assigns of the <br />parties hereto and shall be binding upon all future owners of all or <br />any part of the Subdivision and shall be deemed covenants running with <br />the land. References herein to Developers, If there be more than <br />one, shall mean each and all of them. This agreement, at the option <br />of the City, shall be placed of record so as to give notice hereto to <br />subsequent purchasers and encumbrancers of all or any part of the <br />Subdivision and all recording fees, if any, shall be paid by the <br />Developers. <br />Whenever in this agreement it shall be required or permitted that <br />notice or demand be given or served by either party to this agreement <br />to or on the other party, such notice or demand shall be delivered <br />personally or mailed by United States mail to the addresses <br />hereinafter set forth by certified mail (return receipt requested). <br />Such notice or demand shall be deemed timely given when delivered <br />personally or when deposited In the mall in accordance with the above. <br />The addresses of the parties hereto are as follows, until changed by <br />notice given as above: <br />If to the City at: Mr. Robert L. Overby <br />City Administrator <br />City Office <br />3880 Laverne Avenue North <br />Lake Elmo, Minnesota 55042 <br />If to the Developer at: Mr. E. Don Bishop <br />c/o Clapp Thomssen Company <br />4 East 4th Street <br />Saint Paul, Minnesota 55101 <br />WNIffik 1 lllllh <br />Upon partial performance by the Developers of the terms of this <br />Agreement, the City will release to the Developers a portion of the <br />Performance Assurance in accordance with this Agreement. The amount <br />to be released shall be determined by the City Engineer with approval <br />by the City Council after the receipt of bills for work completed and <br />inspected. The City shall retain an amount necessary to complete any <br />remaining improvements plus twenty-five percent (25%). <br />The City agrees to give final approval to the plat of the Subdivision <br />upon execution and delivery of this agreement and all required <br />petitions, bond, security and fees. <br />-4- <br />