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deposit with the City an escrow of$10,000 to cover the cost of engineering fees and construction <br /> observation legal fees, planning fees, administrative expenses and other costs related to this <br /> Development. City engineering administration will include monitoring of construction observation, <br /> consultation with Developer and its engineer on status or problems regarding the project, <br /> coordination for final inspection and acceptance, project monitoring during the warranty period, <br /> and processing of requests for reduction in the "security." Fees for this service shall be at standard <br /> hourly rates.These fees shall be billed monthly.All fees and costs incurred by the City in connection <br /> with this Development shall be charged against said escrow account which shall remain in effect <br /> until the completion of this Development. Any funds remaining in the escrow accounts after the <br /> completion of this Development shall be refunded to the Developer. In the event that the escrow <br /> account herein is depleted, Developer agrees that upon request of the City, Developer shall post <br /> additional sums of money to replenish the accounts to their original balance to cover projected City <br /> costs as determined by the City. Developer agrees that the escrow account shall always have a <br /> balance of no less than $1,000.00. Developer shall be entitled, upon request, to an itemized <br /> statement of all costs and fees charged against this escrow account. Developer shall pay all fees <br /> relating to the Development including, but not limited to, legal, engineering, planning, and <br /> recording fees. <br /> 19. CLAIMS. In the event that the City receives claims from labor, material, or others <br /> that work required by this Contract has been performed,the sums due them have not been paid,and <br /> the laborers,material,or others are seeking payment from the City,the Developer hereby authorizes <br /> the City to commence an interpleader action pursuant to Rule 22, Minnesota Rules of Civil <br /> Procedure for the District Courts,to draw upon the"security"in an amount up to 125 percent of the <br /> claim(s) and deposit the funds in compliance with the Rule, and upon such deposit, the Developer <br /> 8 <br /> 278322 <br /> 218300v1 <br />