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Phase I and II unit costs. The Developer is not obligated <br />to utilize the 30 units reserved; the Developer may turn <br />back all or part of the 30 units to the City at any time. <br />While the Developer is not entitled to receive back from <br />the City a refund for the monies paid on such special <br />assessments for the 30 units, in consideration of the fact <br />that the Developer may not need such 30 additional units, <br />the City agrees that should other property owners wish to <br />obtain units in the said assessment district the City <br />shall allow the Developer to sell some or all of <br />Developer's 30 units to such other property owners before <br />the City will sell its units it has retained in its <br />inventory. The Developer shall have this right from time <br />to time unaffected by any initial or subsequent election <br />not to sell. The City shall provide Developer due notice <br />and adequate opportunity to sell his units as provided <br />above. <br />The City understands that the sewer and water utilities <br />should be installed and in operation by the fall of 1990 <br />in order that the Developer's building construction and <br />occupancy can be completed on time. To the extent that <br />the City is delayed in installing sewer and water it is <br />hoped that the City would permit at least limited <br />occupancy of the buildings on the site so that the <br />Developer's business can appropriately and properly <br />commence sales in the fall of 1990. <br />Conveyance of Well Site; In consideration of the <br />foregoing and in consideration of the further sum of <br />$11,500, the Developer will deed to the City Outlot B, <br />East Willow Woods for the test well and for the permanent <br />municipal well site. Outlot B shall not be used as a <br />water tower site. This restriction on the use of Outlot B <br />shall survive the closing and conveyance of Outlot B to <br />the City. The form of the deed is attached hereto as <br />Exhibit E and will be delivered upon execution of this <br />agreement and payment of the said sum. <br />Binding Effect: The terms and provisions hereof shall be <br />binding upon and enure to the benefit of the heirs,_ <br />representatives, successors and assig is of the parties <br />hereto. This agreement may be placed of record by either <br />party. <br />Initials of Developer/^g?^ <br />Initials of City Clerk _ _ <br />Page 3 of 4