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DEVELOPMENT AGREEMENT QUAIL RUN PHASE IB ADDITION TO THE CITY OF MOSCOW, IDAHO This Agreement is entered into this lll!b_ day of March , 1996, by and between BFH&H, Inc., an Idaho Corporation, (referred to as 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 within the City of Moscow known as the Quail Run Addition to the City of Moscow, said development to be developed in certain phases. Developer desires to develop the second phase of said development, Quail Run Phase IB, which includes lots 4 through 12 of block I and lots 4 through II of block 2 and their adjoining streets, being more particularly described as follows: SEE EXHIBIT attached. WHEREAS. the City desires to ensure that all required public improvements are properly installed by Developer; NOW THEREFORE, Developer and the City hereby agree as follows: I. PROPERTY AFFECTED: This Agreement affects property located within the City of Moscow known as Phase I B of the Quail Run Addition to the City of Moscow, being more particularly described above and in Exhibit attached hereto and incorporated herein by this reference. II. PUBLIC IMPROVEMENTS: A. The Developer agrees to install, at its expense, all public improvements for Phase IB required by the City Engineer, in accordance with approved plans for Quail Run Phase I (Phase IB being a subsection of Phase I) to City standards during and under the terms of this Agreement. All plans and drawings shall be approved by the City Engineer and the Moscow Fire Chief prior to the beginning of any construction of improvements. III. TERM: This Agreement shall remain in effect until completion of construction and installation of all public improvements and acceptance of such by the City for maintenance and until the Developer pays the sum required by section II.B. of this Agreement. DEVEWPMENT AGREEMENT QUAIL RUN PHASE lB PAGE I 96-16 ---PAGE BREAK--- IV. CITY'S COVENANT: The City shall issue building permits for Quail Run Phase IB, (upon payment of permit fees, public utility inspection fees of 0.75% of estimated construction costs and satisfaction of City code requirements) only after construction and installation of all public improvements and acceptance of such by the City for maintenance and the Developer has paid the sum required by section II.B. of this Agreement, or after adequate security as described in sections VI and VII has been provided to ensure proper construction of the required public improvements and the Developer has paid the sums required by section II.B. of this Agreement. V. DEVELOPER' COVENANT: The Developer agrees as follows: The Developer agrees to install, at its expense, all public improvements for Phase IB required by the City Engineer, in accordance with approved plans for Quail Run Phase I (Phase IB being a subsection of Phase to City standards during and under the terms of this Agreement and to pay the sum required by section II.B. of this Agreement. All plans and drawings shall be approved by the City Engineer and the Moscow Fire Chief prior to the beginning of any construction of improvements. A. If the Developer fails to complete installation of the public improvements required for Quail Run Phase IB, to City standards, within NINETY (90) calendar days of the issuance of the first building permit issued for Phase IB, the City may utilize the security specified in sections VI and VII to complete the public improvements. The Developer further agrees that if Developer fails to complete installation of such public improvements, to City standards, within NINETY (90) calendar days from the date of issuance of the first building permit issued for Phase IB, the City shall revoke occupancy of the development, revoke any applicable permit issued to Developer by the City and shall cease to issue further building permits for the affected property and subsequent phases of such further development until such improvements are completed. VI. SECURITY FOR IMPROVEMENTS: The City agrees that upon receipt of the security described in section VII and payment by Developer of the sum required by section II.B. of this Agreement, it will issue building permits (upon payment of permit fees, public utility inspection fees of 0.75% of estimated construction costs and satisfaction of City code requirements) for the Developer's development. If the Developer fails to complete construction of the public improvements, within ninety (90) calendar days of issuance of the first building permit issued for Phase IB, 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 Developer. Any additional construction services shall be Jet by bid, and subject to the laws of the State of Idaho relative to the letting of such bids. DEVELOPMENT AGREEMENT QUAIL RUN PHASE IB PAGE2 ---PAGE BREAK--- VII. FORM OF SECURITY: The Developer agrees to provide security in the amount of THIRTEEN THOUSAND FIVE HUNDRED DOLLARS ($13,500.00) for public improvements as identified and described herein and as more particularly set forth in Exhibit attached. The security shall be in the form of cash, construction bond, irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable by the 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 210 days, or 180 days from the date of the issuance of the first building permit issued for Phase IB, 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 sixty ( 60) days prior to the expiration date of the security. If the public improvements identified and described in section V. arc 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 Developer 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 revocation of such building permits. If any building permits arc revoked pursuant to this section, such building permits shall be re-issued upon receipt by the City of new or additional security as required herein. VIII. AS-BUILT DRAWINGS: The Developer agrees to furnish, prior to acceptance by the City of the public improvements as required herein, one set of accurate, complete, mylar as-built drawings for all of the improvements described herein. IX. FAILURE TO COMPLY: If the Developer fails to comply with the terms of this Agreement, the City, after ten (I 0) days written notice, may seek specific performance of the agreement and may attach the security to complete the improvements. The Developer agrees to pay all expenses incurred by the City in enforcing this agreement. X. BINDING ON HEIRS, ASSIGNS AND PURCHASERS: This Agreement shall be binding upon the heirs, assignees of the parties, and purchasers of the property described herein. Xl. OCCUPANCY: Developer agrees that no person shall be allowed to occupy any structure on the described property for any purpose until the described public improvements are completed. 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. DEVELOPMENT AGREEMENT QUAIL RUN PHASE IB PAGE3 ---PAGE BREAK--- XU!. MODIFICATION: Developer and the City agree that the provtstons of this Agreement may be modified only upon written request of the Developer accompanied by a complete set of development plans, and acceptance of such modification by the City. 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 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 following addresses: Developer: City: BFH&H, Inc. E. 3115 Thomas Lane Coeur d' Alene, Idaho 83814 Mayor City of Moscow P.O. Box 9203 Moscow, Idaho 83843 IN WITNESS WHEREOF, the parties have executed this agreement to be effective the date above written. Developer: BFH&H, lnc. Joe Hassel, Secretary DEVELOPMENT AGREEMENT QUAIL RUN PHASE lB City: " 56c/ Paul C. Agidius, Mayor PAGE4 ---PAGE BREAK--- STATE OF IDAHO ) ACKNOWLEDGMENTS ) ss County of Latah ) On thi$ day of , 1996, before me, the undersigned, a Notary in and for said State, personally appeared Paul C. Agidius, in his official capacity as the Mayor of the .,,,,City of Moscow, Idaho that executed the foregoing instrument on behalf of the City, and E R I l'jl · · · · uÿEowledged to me that such City executed the same. · ,o,IN<#JTNESS WHEREOF, I have hereunto set my hand and affixed my cia! seal the · · · '.day can year hereinabove written. STATE OF IDAHO ) ) ss NOTARY PUBLIC for Idaho Residing '-r-c My Commission expires: Iifi?!!.z.t:;/ County of Latah r ) On this day of r • \ , I 996, before me, the undersigned, a Notary in and for \ said State, personally appeared Elaine Russell, in her official capacity as the Clerk of the City of Moscow, Idaho that executed the foregoing instrument on behalf of the City, and acknowledged to me that she executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day,and year hereinabove written. STATE OF IDAHO ) ) ss County of Latah ) On this day of 1996, before me, the undersigned, a Notary in and for said State, personally appeared James B. Hedberg, in his official capacity as the President of BFH&H, Inc. that executed the foregoing instrument on behalf of said BFH&H, Inc., and acknowledged to me that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. ( / .d /f - t: . DEVELOPMENT AGREEMENT QUAIL RUN PHASE 1B L-iA::c? / I NOTARY PUBLIC for ldah07 Residing at My Commission expires: VLL.j:- PAGES ---PAGE BREAK--- '\EX QJ 9326 s.r. ¸ " ® 10,751 S.F. t Aore F H & HJ H4G. ® 95-+6 S.f. 20' W!DE SEWER EASEMENT t 65.00' I SECTION 5, STATE PLAN£ COORDINATES: NORTH 1855054.22 EAST 18811 0.87 T39N, R HIRSCHI RO'AD - \ I I \ I' . 2 \ ·Q º- l0,-487 s.r. ¹ I I . \ \ I I \ \ \ \3 \ \D u 1rr I I I \ \ \ \ ---PAGE BREAK--- \I cxn; t t ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) On this day of 1996, before me, the undersigned, a Notary in and for said State, personally appeared Joe Hassel, in his official capacity as the Secretary of BFH&H, Inc. that executed the foregoing instrument on behalf of said BFH&H, Inc and acknowledged to me that he executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. agreement/Quail! B/dm DEVELOPMENT AGREEMENT QUAIL RUN PHASE IB NOTARY PUBLIC for Idaho Residing at _ My Commission expires: _ PAGE6 ---PAGE BREAK--- ; < : · @ 23,594 S.f. .r . S.F. "Exhibit II Phase LB- neveGoment Aoreement Cit of MOSCOW/IBF H IRC. " 70.00' :Jt.C I lUIC STAT£ PLAN£ COOfWINA1£S; NORTH 185"06-4.22 (A$1 1881 10.87 $ G) ' @ & .J ' 8895 S.f . 9o21 s.r.- 10,-467 S.f. - 20' WID£ SEWER EASEMENT r I H!RSCH! ROAD \ \ I I \ \ \ \ IP 0 II RUn 1r1bn \ \ \ \ I I \ ---PAGE BREAK--- . $131500 ---PAGE BREAK--- Letter of Credit International Banking Dt'partmem 101 S,-Capitol Blvd., Boise, Idaho Jf'EST()NE Post Office Box 8247, Boise, Idaho 83733 Tdephone: 208-.-383.-7625 Fax: [PHONE REDACTED] Telex: 262542 Answerback: \VEST ONE BK IDA BANK City of Moscow P.O. Box 9203 Moscow, Idaho 83843 Dear Sirs: We hereby authorize you to draw 83733, for account of BFH&H, E. 83814 as follows: Irrevocable Standby Letter of Credit No.: 7839S Dated: March 28, 1996 Expiration Date: October 31, 1996 At Our Counters on WEST ONE BANK, IDAHO, BOISE, IDAHO 3115 Thomas Lane, Coeur d'Alene, Idaho This Letter of Credit is established in the aggregate amount of USD13,500.00 (THIRTEEN THOUSAND FIVE HUNDRED AND N0/100 U.S. DOLLARS) available by your draft(s) at sight accompanied by the following documents: The original of this Letter of Credit for endorsement. A statement purportedly signed by an authorized individual of the City of Moscow as follows: "BFH&H has failed to comply or is in default with the installation of sidewalks in Quail Run Addition as contained in the subdivision development agreement dated March 15, 1996". Partial drawings are permitted. B All drafts drawn must be marked: DRAWN UNDER WEST ONE BANK, IDAHO, % LETTER OF CREDIT NO. 7839S. CRVJ513 (0·95) We hereby agree with drawers of drafts drawn under and in compliance with the terms of this credit that the same shall be duly honored on due presentation to the drawee.