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1. Assessment. Upon execution of this agreement, the Developer shall pay the sum of <br /> $ to the City by cash or certified funds check as a down payment in exchange for the <br /> WAC/REC fees furnished hereunder. The remaining assessment amount of $50,000.00 shall be <br /> certifiably assessed as and payable as taxes pursuant to the payment schedule set forth in the <br /> attached Exhibit A. <br /> 2. Warranty of Title. Developer warrants and represents to the City that it is the fee owner of <br /> the land described herein and that it has authority to execute this Development Agreement and <br /> agree to the conditions hereof and to subject the land hereto. Developer also represents and warrants <br /> that the use for which this development is sought will not violate any restrictive covenants applying <br /> to the property. <br /> 3. Binding Effect. This Agreement shall be deemed to be a restrictive covenant and the terms <br /> and conditions hereof shall run with the land described herein and be binding on and inure to the <br /> benefit of the heirs, representatives, and assigns of the parties hereto, and shall be binding upon all <br /> future owners of all or any part of the subdivision, and shall be deemed covenants running with the <br /> land. Reference herein to the Developers, if there be more than one, shall mean each and all of <br /> them. <br /> This Agreement shall be placed of record so as to give notice hereof to subsequent <br /> purchasers. The cost of said recording shall be borne by the Owner and charged against the escrow <br /> account. <br /> 4. Restrictions on Transfer/Indemnification. Developers agree to defend and hold the City, and <br /> its officials, employees and agents, harmless against any and all claims, demands, lawsuits, <br /> judgments, damages, penalties, costs and expenses, including reasonable attorney's fees, arising out <br /> of actions or omissions by Developers, their employees and agents, in connection with the Project. <br /> No transfer or assignment shall be made without City approval and any assignment or transfer <br /> without such approval shall be void. <br /> 5. Incorporation by Reference. All general and special conditions, plans, special provisions, <br /> proposals, specifications and contracts for the play and for any improvements furnished and let <br /> pursuant to this Agreement shall be and hereby are made a part of this Agreement by reference as if <br /> fully set out herein in full. <br /> 6. Developer will comply with and promptly perform all of its obligations under this <br /> agreement. <br /> 7. Evidence of Title. Developer shall furnish the City with evidence of fee ownership of the <br /> property through an attorneys title opinion or title insurance policy dated not earlier than 30 days <br /> prior to the issuance of any building permits. <br /> Page 2 of 5 <br />