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432615 DEVELOPMENT AGREEMENT LINN CRAIG LINDSEY I I CITY OF MOSCOW, IDAHO THIS AGREEMENT is entered into this day of 1998, by and between Linn Craig Lindsey ("Developer''), being owner and Developer of premises included in this Agreement, and the City of Moscow, a municipal corporation of Idaho (referred to as "City"); WITNESSETH WHEREAS, Developer desires to develop property located within the City of Moscow, Idaho, being more particularly described as the south 60' of Lot 4 of Block 5 of the Eastland Acres Addition to the City of Moscow, Idaho. WHEREAS, City desires to ensure that all required public improvements are properly funded by Developer and installed by City; NOW, THEREFORE, Developer and City hereby agree as follows: I. PROPERTY AFFECTED: This Agreement affects property located within the City of Moscow, being more particularly described as follows: The south 60' of Lot 4 of Block 5 of the Eastland Acres Addition to the City of Moscow. 11. PUBLIC IMPROVEMENTS: Developer agrees to provide Three Thousand Five Hundred and No One-Hundredths ($3,500.00) as the total monies necessary for the future installation of public improvements on the property by City of sidewalk, asphalt, base aggregate, curb and all related earthwork required by the City Engineer {"monies"). Ill. TERM: This Agreement shall remain in effect until acceptance of such monies by City. IV. CITY'S CONVENANT: City shall issue occupancy permits for Developer's development only after all monies for the future installation by City of the public improvements specified in Section II of this Agreement are duly submitted to and accepted by City. V. DEVELOPER'S COVENANT: Developer agrees as follows: A. Developer agrees to provide to City all of the monies necessary for the future installation by City of all related earthwork required by the City Engineer. B. Developer agrees that Developer shall provide the monies necessary for the future installation by City of all related sidewalk, asphalt, base aggregate, curb and earthwork as required conditions of City issuing a building permit for the Developer's development and prior to City issuing an occupancy permit for the Developer's development Development Agreement Page 1 of 3 ClS-01 ---PAGE BREAK--- 432615 C. If Developer fails to provide the monies necessary for the future installation by City of all related sidewalk, asphalt, base aggregate, curb and earthwork, City shall not issue an occupancy permit for the subject development, and shall revoke any applicable permit issued to Developer by City and shall cease to issue further building permits for the affected property until such monies are provided as required herein. VI. BINDING ON HEIRS, ASSIGNS AND PUCHASERS: This Agreement shall be binding upon the heirs, assignees of the parties, and purchasers of the property described herein at Section I. VII. OCCUPANCY: Developer agrees that no person shall be allowed to occupy any structure on the described property for any purpose until the described monies are provided. VIII. 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 parties agree that should any provisions of this Agreement be litigated, the prevailing party will be entitled to reasonable attorney's fees and costs. IX. MODIFICATION: Developer and City agree that the provisions of this Agreement may be modified only upon written request of Developer and acceptance of such modification by City. X. COVENANTS AND 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 City, its successors and assigns. This Agreement shall be recorded with the Latah County Recorder. XI. 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 following addresses: Developer: Linn Craig Lindsey 201 N. Mountain View Road Moscow, ID 83843 City: Mayor City of Moscow P.O. Box 9203 Moscow, ID 83843 Development Agreement Page 2 of 3 ---PAGE BREAK--- 432615 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date first above written. Gilbe!t F. Myers, City Clerk ACKNOWLEDGMENTS STATE OF IDAHO ) ) ss. County of Latah ) On this day of , 1998, before me the undersigned Notary, in and for the State of Idaho, personally ap · a red Paul C. Agidius, in his official capacity as Mayor of the City of Moscow, Idaho, who executed the foregoing instrument on behalf of City, and acknowledged to me that such City executed the same. WITNESS WHEREOF, I havhereset my hand and affixed my ()fficial seal the hereinabove written. ( v.E . . / { " • ( . / IDAHO ) ) ss. County of Latah ) sf \ VUt-, t 1 / v / -v-v "'1/0 On this 4L_ day of , 1998, before me the undersigned Notary, in and for the State of Idaho, petsonally ap . ared Linn Craig Lindsey, known to me to be the person whose name is subscribed to the w1 hin statement and acknowledged to me that he executed the foregoing Agreement. WITNESS WHEREOF, I havE¢i)to set my hand and aff1xed my official seal the hereinabove wntten. ( / 1Z 1! ·7n I?Z1:J./,.K "'v.e Development Agreement NO. 432615 AT THE PEOUEST OF: Page3of3 uP