11-27-1995 Council Packet - Laserfiche WebLink

Home Browse Search

r 5. 6. «^|r iTnyfaHf Tn^tnlTation: Thc design location, construction, installation and materials for septic system upgrade shall be in accordance Wriih the plans and specilications approv'cd by thc City and attached to this agreement as Exhibit B (thc Septic Improvemcnts"), Reconsideration: No later to thirty (30) days prior to the Completion Date, the Property Owner may request reconsideration of this agreement by the City Council il one of the following has occurred: A. Thc City Council has made a decision to provide municipal sewer to thc laighborhood including the Property ; or B. The City Council has made no decision whether municipal sewer will be provided to the neighborhood and the Property. In the event of reconsideration, the City Council in its sole discretion may determine whether the Completion Date may be extended for the Septic Improvements or, in the event that municipal sewer will be provided, to declare the Septic Improvements clause of this agreement null and void, and City shall immediately return thc letter ot vredit to Property Owner. Performance Dept^sit: For the purposes of assuring to thc City that the Septic Improvements will be completed according to the terms of this agreement, the Property Owner has deposited with the City at the time of the execution of this agreement an irrevocable letter of credit in a form satisfactory to the City' providing that thc City is able to draw upon such letter of credit in its sole discretion to complete the Septic Improvements if the Property Owner fails to satisfactorily complete the work prior to the Completion Date. Ihe amount of the letter of credit shall not be reduced before substantial completion of the Septic Improvements. 1 he term of the letter of credit shall be a period of one year. City shall return the letter of credit to Property Owner uptm acceptance of the Septic Improvemen'i. 7.pindiny 1-ffect: The terms and provisions hereof shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be bindinu deemed covenants lunning wiili the land. References herein to Property Owner, if there be more than cne. shall mean each and all of them. This agreement shall be executed by the Property Cwrier and City and shall be placed of record so as to give notice hereof to subsequent purchasers and encumbrancers of all or any pan of the properly, and all recording fees, if any. shall be paid by the Property Owner. Initials of Property Owner, Initials of City Clerk Page 3 of 6