2017.10.02 CC Packet - Laserfiche WebLink

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1) Developer shall remove all tree waste, junk, miscellaneous debris, junk vehicles, and any other personal property from the Plat which does not comply with the City Zoning Ordinance until final acceptance of the Improvements. E. DAMAGES AND DEFAULT: 1. Developer agrees to pay liquidated damages to the City if any lot has a real estate closing occur before all public improvements within the Plat are certified as being substantially completed by the City. Specifically, Developer agrees to immediately pay to the City liquidated damages in the amount of Ten Thousand Dollars ($10,000.00) for each lot closing which occurs in violation of this paragraph. The City shall be authorized to retain an appropriate percentage of the financial guarantee referred to in paragraph 4 as security for payment of any liquidated damages owed to the City. Model Homes are exempt from this section. 2. Developer agrees to pay liquidaied;,damages to the City, in the amount of Five Thousand Dollars ($5,000.00), if the Developer eriaroaches upon any City road right-of-way or utility easement not permitted on the plans without first obtaining a written permit from the City expressly authorizing said encroachment. The City shall he authorized to retain an appropriate percentage of the financial guarantee referred to in paragraph 4 as security for payment of any liquidated damages owed to the City. 3. Events of Default. a). Events of Default Defined. The following shall be 'Events of Default" under this. Agreement and the term 'Event of Default" shall mean, whenever it is used in this Agreement, any one or more of the following events: ,Subject to unavoidable delays, failure by Developer to commence and complete construction of the Improvements pursuant to the terms, conditions and limitations of this Agreement. 2. Failure by Developer to substantially observe or perform any material covenant, condition, obligation or agreement on their part to be observed or performed under this Agreement. b) Remedies on Default. Whenever any Event of Default occurs, the City, subject to any rights of third parties agreed to by the City pursuant to this Agreement, or otherwise by written, executed instrument of the City, may take any one or more of the following: Adelaide Landing The City may suspend its performance under the Agreement until it receives assurances from Developer, deemed adequate by the City, 11