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403925 DEVELOPMENT AGREEMENT THIS AGREEMENT entered into this .A1h_ day of Apri 1 . 1994 by and between LLF, Inc. (hereinafter referred to as "DEVELOPER") and the City of Moscow, a Municipal Corporation of the State of Idaho (hereinafter referred to as "CITY") for the purpose of subdividing real property within the City of Moscow. WITNESSETH: WHEREAS, the DEVELOPER is the owner of certain premises located in the City of Moscow known as Anderson First Addition to the City of Moscow; and WHEREAS, the DEVELOPER has not at this time set interior monuments as required by Idaho Code section 50-1303; and WHEREAS, the DEVELOPER desires to record the final plat of Anderson First Addition; and WHEREAS, Idaho Code Section 50-1331 to 50-1333 requires the setting of interior monuments for subdivisions prior to the recording of the final plat; and WHEREAS, the parties mutually desire to ensure that such monuments are installed; NOW THEREFORE and in consideration of the following mutual promises, DEVELOPER and the CITY hereby agree and covenant as follows: 1. PROPERTY AFFECTED: Property which is subject to this agreement is described as Anderson First Addition to the City of Moscow, as evidenced by the plat attached hereto and incorporated by reference. DEVELOPMENT AGREEMENT PAGEl 94-24 ---PAGE BREAK--- 403925 2. CONDITIONS OF RECORDING WITHOUT MONUMENTATION: Pursuant to Idaho Code Section 1331, the DEVELOPER may record the final plat of Anderson First Addition to the City of Moscow if: A. The land surveyor performing the survey provides an affidavit certifying that the interior monuments will be set on or before a specified date not to exceed one calendar year from the recording date of the plat; and B. The Developer furnishes to the City a bond or cash deposit in the amount equal to one hundred -twenty percent (120%) of the estimated cost of the survey work, based upon the estimate of the surveyor signing the plat. 3. DEVELOPER'S COVENANT: DEVELOPER agrees to install, at its own expense all interior monuments within the subdivision, as required by law. DEVELOPER shall provide the City the following: A. AFFIDAVIT OF SURVEYOR: The DEVELOPER shall retain the serv1ces of a land surveyor to survey and set the interior monuments of Anderson First Addition to the City of Moscow, and shall attach an affidavit of such land surveyor to the plat; said affidavit shall certify that the interior monuments for Anderson First Addition to the City of Moscow will be set on or before April I, 1995. DEVELOPER further has presented a letter Gary R. Stone, the land surveyor signing the plat, estimating that the cost of such monumentation is FOUR THOUSAND DOLLARS ($4,000.00). B. The Developer shall furnish the City with a bond or cash deposit in the amount of FOUR THOUSAND EIGHT HUNDRED DOLLARS ($4,800.00), which is equal to 120% of the estimate of the land surveyor. 4. CITY COVENANT. That upon the compliance of DEVELOPER with the terms and conditions of this agreement, the CITY shall advise the Latah County Recorder that the requirements of Idaho Code Section 50-1331 and 50-1332 (requiring certification of the land surveyor and a bond or cash deposit prior to recording of a plat where interior monuments are to be established after recording of the plat) have been met and security in the amount of $4,800.00 has been deposited with the CITY as required by Section 4(b) of this agreement. DEVELOPMENT AGREEMENT PAGE2 ---PAGE BREAK--- 403925 5. RETURN OF DEPOSIT/RELEASE OF BOND: If Developer pays the land surveyor for performing the interior monumentation work and notifies the City of such payment, the City shall, within two months after such notice, release the bond or return the cash deposit upon a finding that such payment has been made, or the City may, upon written request of the Developer, pay the land surveyor from moneys within a cash deposit held by it for such purpose, and return the excess amount of the cash deposit, if any, to Developer. 6. FAILURE OF LAND SURVEYOR TO PERFORM MONUMENTATION: In the event that the death, disability, retirement of the land surveyor, or upon the failure of such land surveyor to set such monuments in accordance with law, the City may direct the county surveyor in his or her official capacity or contract with a surveyor in private practice to set such monuments and reference such monuments for recording as provided in Idaho Code section 50-1333. The fees of the county surveyor or private surveyor shall be paid by the Developer in accordance with paragraph 3 of this agreement. 7. FAILURE OF DEVELOPER TO PAY FOR MONUMENTATION: In the event the Developer fails or refuses to authorize the payment for interior monumentation, the land surveyor may request payment from the City, and upon inspection by the City of such interior monumentation, shall pay the land surveyor from the proceeds of the bond or cash deposit. Any costs associated with the installation of such monuments in excess of the security shall be borne by the DEVELOPER. 8. TERM. This agreement shall remain in effect until all monuments as described herein have been installed and accepted by the CITY, and in no event shall the time period to install the monuments installed in paragraph 3 of this agreement exceed one calendar year from the date the plat is recorded. 9. COVENANTS TO RUN WITH LAND. This agreement shall run with the land and benefits and burdens herein described shall be binding on the parties, heirs, assigns and successors and interest. IN WITNESS WHEREOF, the parties cause this agreement to be executed to be effective the day and year first set forth above. DEVELOPMENT AGREEMENT PAGE3 ---PAGE BREAK--- 403925 This agreement was approved by the Moscow City Council at their regular meeting on the 4th day of April , 1994. LLF, Inc.: by: Lon Fletcher, President City of Moscow: y / > Paul C. Agidius, Mayor ATTEST: Elaine Russell, City Clerk ACKNOWLEDGMENT On this llf P day of , 1994, before me, a Notary Public of the State of ·rdO{6;·£ersonally appeared Pa C. Agidius in his official capacity as Mayor of the City of Moscow, \n½Wn-'{9'Iwe to be the person described in the above document and acknowledged to me he executed ' 1ft 1. ABC1: . . . . : l / xr! £ J/:2<--TJ- 4 N%lic residing at ;E:>FGH·. My Commission expires 3 fh-t' ACKNOWLEDGMENT On this , day of $ . , 1_9U, ben ;:scribed in the above document and acknowledged to me she executed the same. r tl , . · ' /1 ST t. gM Q = , R . Notary#blic residin"!.:C) , · . M C . . · / . . · y omm1ssion exp1res 1 . -l . , \5 ? · . or .Y;;·VWX. . / . . 0 . DEVELOPMENT AGREEMENT PAGE4 ---PAGE BREAK--- 403925 ACKNOWLEDGMENT On this !f Jt day of (f'jJ , 1994, before me, a Notary Public of the State of Idaho, personally appeared Lo Fletcher m his official capacity as Prestdent of LLF, Inc. known to me to be the person described in the above docwnent and acknowledged to me he executed the same. DEVEWPMENT AGREEMENT PAGES . ! t: L ( J LLL Notary Public residing at ) My Commission expires cf/x 7 4039ZS AT THE REQtJEST OF'u C;h 9 f.A.,oM&JW ---PAGE BREAK--- GARY R. STONE & ASSOCIATES PROFESSIONAL LAND SURVEYOR 930 7TH AVE. P.O. BOX 1733 LEWISTON, Hi,,HO 83501 Lon Fletcher PO Box 9771 Moscow, ID 83843 Dear Lon: (208) 746-2517 The amount requ.i reel t;o set ho11nd:1rtr p 1ns in the Anderson 1st Addition project is $4000. hank You. Sincerely, Gary R. Stone GRS:sej cc: file E.F. Engineerinf-4