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<br />The Shores of Oneka Lake 5th Addition 11 <br /> j) The property owners association documents shall advise owners of <br />all lots of the requirements of this Agreement as follows: THE LAND WITHIN THIS PLAT, <br />INCLUDING THE LAND CONVEYED HEREIN, IS BOUND BY RESTRICTIONS IN A <br />DEVELOPMENT AGREEMENT. SAID DEVELOPMENT AGREEMENT IS ON FILE <br />AT THE OFFICE OF THE WASHINGTON COUNTY RECORDER. <br /> <br /> k) Developer acknowledges that a separate development agreement will <br />be entered into at the time of final plat approval of subsequent phases in the development. That <br />development agreement will address, among other things, necessary improvements to be made, <br />financial guarantees to be provided, and the amount of the development fees to be paid by the <br />Developer. <br /> <br /> l) Developer shall remove all tree waste, junk, miscellaneous debris, <br />junk vehicles, and any other personal property from the Plat which does not comply with the City <br />Zoning Ordinance until final acceptance of the Improvements. <br /> <br />E. DAMAGES AND DEFAULT: <br /> <br /> 1. Developer agrees to pay liquidated damages to the City if any lot has a real <br />estate closing occur before all public improvements within the Plat are certified as being <br />substantially completed by the City. Specifically, Developer agrees to immediately pay to the City <br />liquidated damages in the amount of Ten Thousand Dollars ($10,000.00) for each lot closing which <br />occurs in violation of this paragraph. The City shall be authorized to retain an appropriate <br />percentage of the financial guarantee referred to in paragraph 4 as security for payment of any <br />liquidated damages owed to the City. Model Homes are exempt from this section. <br /> <br /> 2. Developer agrees to pay liquidated damages to the City, in the amount of <br />Five Thousand Dollars ($5,000.00), if the Developer encroaches upon any City road right-of-way or <br />utility easement not permitted on the plans without first obtaining a written permit from the City <br />expressly authorizing said encroachment. The City shall be authorized to retain an appropriate <br />percentage of the financial guarantee referred to in paragraph 4 as security for payment of any <br />liquidated damages owed to the City. <br /> <br /> 3. Events of Default. <br /> <br /> a) Events of Default Defined. The following shall be "Events of <br />Default" under this Agreement and the term "Event of Default" shall mean, whenever it is used in <br />this Agreement, any one or more of the following events: <br /> <br /> 1. Subject to unavoidable delays, failure by Developer to commence <br />and complete construction of the Improvements pursuant to the <br />terms, conditions and limitations of this Agreement.