Development Contract - Honey Hill

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defined in Section 28 of this Contract. Fees for these services shall be at standard monthly rates, and shall be billed monthly. Developer shall remit payment for all costs and fees within thirty (30) days of receipt of a billing invoice from the City. All fees and costs incurred by the City in connection with the development of the Land shall be charged against the Escrow Account, which shall remain in effect until the development of the Land is complete. Any funds remaining in the Escrow Account after the completion of the development of the Land shall be refunded to Developer. In the event that the Escrow Account is depleted to $1,000.00, upon request from the City, Developer shall deposit additional funds to replenish the Escrow Account to its original balance to cover projected City costs as determined by the City. Developer agrees that the Escrow Account shall always have a balance of no less than $1,000.00. Developer shall be entitled, upon request to the City, to an itemized statement of costs and fees charged against the Escrow Account. 20. Claims. In the event that the City receives claims from laborers, material suppliers, or others that perform work required by this Contract and has been performed, the sums due them have not been paid, and the laborers, material suppliers, or others are seeking payment from the City, Developer authorizes the City to commence an interpleader action pursuant to Rule 22, Minnesota Rules of Civil Procedure for the District Courts, to draw upon the Security in an amount up to 125 percent of the claim(s) and deposit the funds in compliance with the Rule, and upon such deposit, Developer shall release, discharge, and dismiss the City from any further proceedings as it pertains to the funds deposited with the District Court, except that the Court shall retain jurisdiction to determine attorneys' fees pursuant to this Contract. 21. Storm Water and Drainage Trunk Fee. The Plat is subject to a Storm Water and Drainage Trunk Fee of $24,180.00. 22. Park Dedication Fee. The Plat is subject to a Park Dedication Fee of $22,481.74. 10 232402v15