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DEVELOPMENT AGREEMENT MOSER ESTATES FOURTH ADDITION :391486 ti Agreement is entered into this J7- day of 1992, by and between Greg and carolyn Boh ch, (referred to as DEVELOPERS) being owners and developers of land premises included in this agreement and the city of Moscow, a Municipal Corporation of Idaho, (referred to as CITY) ; WITNESSETH: WHEREAS, DEVELOPERS own property within the City of Moscow described as Moser Estates Fourth Addition to the City of Moscow; and, WHEREAS, the CITY desires to ensure that all public improvements are properly installed by developers; NOW THEREFORE, DEVELOPERS and the CITY hereby agree as follows: I. PROPERTY AFFECTED: This agreement affects property known as Moser Estates Fourth Addition to the City of Moscow, Latah County, Idaho. This property is described in the plat identified as Appendix I which is attached to and incorporated into this agreement. II. PUBLIC IMPROVEMENTS AND GRADING: The DEVELOPERS agree to install, at their expense, all curbs, sidewalk, street, sanitary sewer, storm sewer, water lines, and all necessary street and lot grading in accordance with approved plans in and to Moser Estates Fourth Addition, to city standards during and under the terms of this agreement. All plans and drawings shall be approved by the city Engineer prior to the beginning of any construction of improvements. III. TERM: This agreement shall remain in effect until all public improvements are constructed for Moser Estates Fourth Addition and said public improvements have been accepted by the City for maintenance. IV. CITY 1 S COVENANT: The City shall issue building permits for the Moser Estates Fourth Addition to the city of Moscow, (upon payment of permit fees) only after all public improvements have been constructed as required herein and said public ---PAGE BREAK--- 091486 improvements have been inspected and accepted by the city Engineer, or after adequate security as described in paragraphs VI and VII has been provided to ensure proper construction of the required public improvements. V. DEVELOPER'S COVENANT: The Developers agree as follows: A. Developers shall install, at their expense, all curbs, sidewalk, street, sanitary sewer, storm sewer, water lines and all necessary street and lot grading in accordance with approved plans in and to Moser Estates Fourth Addition, to City standards during and under the terms of this agreement. B. If the Developers fail to complete all public improvements within NINETY ( 9 o) calendar days of the issuance of the first building permit, the city may utilize the security specified in paragraphs VI and VII to complete the work on the public improvements. The Developers further agree that if Developers fail to complete all public improvements within NINETY (90) calendar days from the date of issuance of the first building permit, the City shall cease to issue further building permits for the affected property until such improvements are completed. VI. SECURITY FOR IMPROVEMENTS: The CITY agrees that upon receipt of the security described in Paragraph VII it will issue building permits (upon payment of permit fees) for properties within Moser Estates Fourth Addition to the City of Moscow. If the DEVELOPERS fail to complete construction of all of the improvements within ninety (90) calendar days of issuance of the first building permit, the CITY may attach the security and cause the improvements to be made{ Any engineering or construction costs in excess of the security shall be borne by the Developers. Any additional construction services shall be let by bid, and subject to the laws of the State of Idaho relative to the letting of such bids. VII. FORM OF SECURITY: The DEVELOPERS agree to provide security in the amount of Twelve Thousand Eighty Dollars ($12, 080.00) for public improvements as identified and described in paragraph VI. above. The security shall be in the form of a construction bond, irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable by the DEVELOPMENT AGREEMENT PAGE 2 ---PAGE BREAK--- 391486 City. Such security shall be provided to the City prior to the issuance of building permits by the city. The security must be effective for a minimum period of 365 days, or 180 days from the date of the issuance of the first building permit, whichever is longer. If this security is in the form of an irrevocable letter of credit or bond, the secured improvements shall be constructed at least ninety (90) days prior to the expiration date of the security. If the public improvements identified and described in paragraph V.A. are not completed at that time, the CITY may claim the security and complete the said improvements. The amount of the security may, from time to time, be modified as deemed appropriate by the City Engineer as conditions warrant. If for any reason the security for such improvements shall be withdrawn by the Developers or the surety or financial institution, or the value or terms thereof shall be compromised in any way, the City shall immediately revoke any building permits issued pursuant to the terms contained herein, and further, the Developer shall hold the City harmless for any and all causes of action or damages alleged to have been sustained because of the revocatio·n of such building permits. If any building permits are revoked pursuant to this section, such permits shall be re-issued upon receipt by the city of new or additional security as required herein. VIII. AS-BUILT DRAWINGS: The DEVELOPERS agree to furnish, prior to acceptance by the City of the public improvements as required herein, one set of accurate, complete, reproducible as-built drawings for all of the water, storm sewer, sanitary sewer, curb, sidewalk, and street improvements constructed in each phase of the subdivision. IX. FAILURE TO COMPLY: If the DEVELOPERS fail to comply with the terms of this agreement, the CITY, after ten (10) days written notice, may seek specific performance of the agreement and may attach the security to complete the improvements. The DEVELOPERS agree to pay all expenses incurred by the CITY in enforcing this agreement. x. BINDING ON HEIRS 1 ASSIGNS AND agreement shall be binding assignees of the parties, and property described herein. PURCHASERS: This upon the heirs, purchasers of the XI. OCCUPANCY: Developers agree that no person shall be allowed to occupy any structure on the DEVELOPMENT AGREEMENT PAGE 3 ---PAGE BREAK--- 391486 described property until all public improvements required by this agreement are completed and accepted by the city for maintenance. Developers further agree that the City shall withhold occupancy permits for the structures erected on the described property until such time as the public improvements are completed and accepted by the City for maintenance. XII. VENUE AND ATTORNEY FEES: The parties agree that should any provision of this agreement be litigated in the future, venue for such litigation shall be with the District Court for the State of Idaho in and for the County of Latah. The prevailing party to the action shall be awarded its reasonable costs and attorney's fees incurred in such litigation. XIII. MODIFICATION: Developers and the City agree that the provisions of this agreement may be modified only upon written request of the Developers accompanied by a complete set of development plans, and acceptance of such modification by the city Council. XIV. COVENANTS TO RUN WITH LAND: This agreement shall run with the land affected hereby, as shall all covenants contained herein, and shall be to the benefit of the city, its successors and assigns. . • . . This development agreement shall be recorded with the Latah County Recorder . XV. NOTICES: Any notice required or called for by this agreement shall be deemed served upon the party to whom it is sent when delivered by certified or registered United States Mail to the .£6ll6wing addresses: . . 'Developer: City: DEVELOPMENT AGREEMENT Greg and Carolyn Bohach Mayor City of Moscow P.O. Box 9203 Moscow, Idaho 83843 PAGE 4 ---PAGE BREAK--- . . 391486 IN WITNESS WHEREOF, the parties have executed this agreement to be effective the date first above written. DEVELOPER: City: PCc-- • t1 - - L . P·Q ! Notary Public_ iiJ and for - e v & - State of # f $ Ito n" · gE OF County of ss On this 2 day of * · , 19before me a Notary Public in and for said appeared Paul c. Agidius and Elaine Russell, known to me to be the Mayor and City Clerk of the city of Moscow and acknowledged to me that they eted the foregoing agreement . • . 1 . . . , • . · • ; M . ' . ; H ( \ J} l4: r : i':f: . . 3£ t- . 1.5" • . . v • N f ' · • • 1 • I t• )I 0 DEVELOPMENT AGREEMENT . PAGE 5