Agenda Packets - 1982/08/23 - Laserfiche WebLink

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UIC City .in I.he pr(loos:;iII'I, I.•Vic-l•, .nnl 1-v.11naI inn Il I In- prnl,o:;cd devo.loptllonll and in Lho in::lr•rl inn of .III wort I v Inrmc:d pursuant to said coutrorl.. :;uell rn^I:; !:h,lll inclml,• Inll. nnl I„• limitod to the admi ll.i:;l:l•aL i vo, l ella l , .11111 141q I il....1• I llq I'Ypell:;l'.'; I ticurred herein, and such other oxl,rn:ion ir.; aulh01,i?"l by :;;lilt rh,y,lc•r. 13. Developer a,iree!; Lhal. Ib! CiLy con Lurmia,lLu development of the developmont :;.iLu or Lhe consl:ruction of ally building struc- tures thcrcon if in Lhc city r'ouncil':l opinion I:he Corms of this Development Contract have not been conformed to by the developer and the said Developer herein agrees to cease construction and waives its ritlllL- of rec:oln-:;c, claim, :;oil :n' ,n:linn against Lhc City. In addition, in the uvonl Lhe bavelolior fails to conform to the conditions of this AtireemenL, the Cil:y sh;11I be entitled to enforce it pursuanl: to Lho Lerms nf thin cool:rac:l. and/or the provi- sions of the Mound:: View flume Rtll.e c'hau Cur, Chnpl:,:r 20 of Lhc Municipal COJO, ur applienhlc Mionasol:a ;I,IIuLc:;. The Developer herein agrees that in the event Lhe City is compelled to enforce any of the provisions of this contract by court action and judgment is rendered iti flvvi., of the City, I'llilt 011 COST:;, disbursemollLs and reasonable aLtorney's fees will be paid by :,aid Developer, its heirs, successors and assigns. 14. The Developer shall furnish to the City at the time of the execution of. this Contract: it ca!;h bond, it corporate surety bond, an irrevocable letter of credit or any ol,hur negotiable instrument approved by the City Attorney, which Hit? noveloper agrees to keep in full force and effect darinq I:hc term of I.hc oblillation created herein in the amount of (90,000.00) Ninety Thousand and ,^- i no/100--------------------------------- Dollar:; whoroi.n the 4-