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REGULAR MEETING OF THE ORONO CUUNCIL, DECEMBER 30 , 1982 PAGE -8- <br /> courlcil meeting . He had sent a letter to Attorney <br /> Dick Hassel stating some things that he shoulc� <br /> includeandtheyhaveredraftedthatagreement and <br /> attached various exhibits to it and this copy is <br /> enclosed in the council packet for reviewal . <br /> City Attorney Malkerson recommended that Council <br /> approve it and the signing of it by the Mayor and <br /> the City Clerk . <br /> Mr . JamesGrabekrepresentativeof the ForestArms <br /> Homeowners Association stated he had a few <br /> comments regarding the language of the agreement . <br /> l . Paragraph 8 - add the following phrase �fter <br /> the word LMCD: � <br /> "or City of Orono , whichever regulations are more <br /> restrictive. " <br /> 2. Paragraph 1� - any reference to a mortgage on <br /> Lots 1 and 2 should be stricken since the City is <br /> purchasing the property on a contract for deed and <br /> there is no need for a mortgaqe . There should be <br /> language that in the event the mortgaqe on the <br /> individual lot would cause the acceleration of a <br /> previously existing mortgage , then the mortgage <br /> contemplated herein need not be filed . <br /> 3 . Paragraph 11 requires liability insurance <br /> naming the City of Orono as an insured during the <br /> pendency of this contract but it does not state how <br /> much . I suggest that the typical liability <br /> coverage of 51014� , 000 and $30B , 4J�10 would be <br /> sufficient . <br /> 4 . In Faragraph 14 since there is no earnest <br /> money to be paid , the reference on the bottom of <br /> page 4 to earnest money should be stricken. <br /> 5. In Paragraph 16 there should be language added <br /> at the end of the last sentence of that paragraph , <br /> °'all subject to the Orono Zoning code in effect at <br /> the time. " <br /> 5. This agreem�nt requires that if someone sells <br /> his/her lot, that he/she then pays all the amount <br /> al located to that lot o It was noted that in the <br /> event of such a prepayment and a subsequent <br /> default by the homeowners association on the <br /> contract for deed , then the prepaying property <br /> owner will have, in effect , forfeited money for <br /> years in which that lot can no longer have the <br /> benefit of this agreement . Therefore , this <br /> agreement should be amended to provide that in the <br /> event of � default , anyone who has paid more than <br /> his/her fair share to the point in time , may upon <br /> demand obtain that overpayment from the City <br /> without interest . <br />