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DEVELOPMENT AGREEMENT MICHAEL HUFF/"C" STREET CITY OF MOSCOW, IDAHO This Agreement is entered into this day of June , 1996, by and between Michael Huff, (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 located within the City of Moscow, Idaho on Street, 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 on Street, being more particularly described in Exhibit attached hereto and incorporated herein by this reference. II. PUBLIC IMPROVEMENTS The Developer agrees to install, at his expense, for Street adjacent to his property curb, gutter, sidewalk, rock base and asphalt necessary to construct one-half (l/2) of Street to twenty-eight (28) feet in width, as required by the City Engineer, in accordance with approved plans for Developer's development, 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 construction and installation of the public improvements and acceptance of such by the City for maintenance. IV. CITY'S COVENANT The City shall issue building permits for Developer's development, (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 the public improvements and acceptance of such by the City for maintenance, or after adequate security as described in sections VI and VII has been provided to ensure proper construction of the required public improvements. DEVELOPMENT AGREEMENT Michael HufT PAGE I 96-31 ---PAGE BREAK--- : V. DEVELOPER' COVENANT The Developer agrees as follows 420841 A The Developer agrees to install, at its expense, for Street adjacent to his property, curb, gutter, sidewalk, and rock base necessary to construct one-half (1/2) of Street to twenty-eight (28) feet in width, as required by the City Engineer, in accordance with approved plans for Developer's development 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 B. The Developer agrees I. That he shall install the curb, sidewalk and rock base within SIX months from the date of the issuance of the first building permit; and C If the Developer fails to complete installation of the curb, sidewalk, and rock base within SIX months from the date of the issuance of the first building permit, to City standards, the City may utilize the security specified in paragraphs VI and VII to complete the public improvements. The Developer further agrees that if Developer fails to complete installation of such respective public improvements to City standards, within such respective time periods, the City shall revoke occupancy of the entire development, revoke any applicable permit issued to Developer by the City and 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 section VII 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 curb, sidewalk and rock base within SIX months from the date of the issuance of the first building permit, to the City standards, 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 let by bid, and subject to the laws of the State ofldaho relative to the letting of such bids. VII. FORM OF SECURITY The Developer agrees to provide security in the amount of FOUR THOUSAND, FOUR HUNDRED SIXTY DOLLARS ($4,460) for public improvements as identified and described herein. 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 120 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 DEVELOPMENT AGREEMENT Michael Huff PAGE2 ---PAGE BREAK--- 420841 be constructed at least ninety (90) days prior to the expiration date of the security. If the public improvements identified and described in section V. 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 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 are 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-BUlL T 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. F AlLURE TO COMPLY If the Developer fails to comply with the terms of this Agreement, the City, after ten (1 0) days written notice, may seek specitic 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. XI. 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 shaii be with the District Court for the State of Idaho in and for the County of Latah. XIII. MODIFICATION Developer and the City agree that the provisions 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 DEVELOPMENT AGREEMENT Michael Huff PAGEJ ---PAGE BREAK--- Developer City Michael Huff 529 N. Washington St, #D Moscow, ID 83843 Mayor City of Moscow P 0 Box 9203 Moscow, Idaho 83843 420841. IN WITNESS WHEREOF, the parties have executed this agreement to be effective the date first above written. Developer: DEVELOPMENT AGREEMENT Michael Huff City. Paul C. Agidius, Mafor"' PAGE4 ---PAGE BREAK--- STATE OF IDAHO County of Latah ACKNOWLEDGMENTS ) ) ss ) 420841 On this /Y a-day of , 1927, before me, the undersigned, a Notary in and for said State, personall/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 acknowledged to me that such City executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affi day and year hereinabove written. STATE OF IDAHO ) ) ss County of Latah ) < On this day of •u , 12 before me, the undersigned, a Notary in and for said State, personall//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. ; - //0fJV.if1) bY/?p;cJz;. / . NO[!lRY PUBLIC for Idaho Residing at : " , My Commission expires 3/:9r 199 / / STATE0F/IDAHO ) ) ss County of Lìah ll ) On this .Ll:_ day of , !99fk before me, the undersigned, a Notary in and for said State, personally appeared Michael Huff, known to me to be the person whose name is subscribed to the within statement and acknowledged to me that he executed the foregoing agreement IN W . ITNESS · W HE . · RE OF, I have hereunto set my hand and a . l£offidru . seal the day written. _ 'v . • \ NOTARY PUBLIC for I aho , 0 §o · Residing at 7?Jr , +Ji''"rr My Commission expires d)bt;/9;& - 0 PAGES ---PAGE BREAK--- 420841 EXHIBIT'A' The following property, in Latah County, State of Idaho described in Warranty Deed No. 42063 7 on file with the Recorder's Office of said County as follows The north 70 feet of Lots 2 and 3, Block 2, Beagle's Addition to the City of Moscow, as shown by the recorded plat thereof EXCEPTING THEREFROM the West 12.5 feet of said Lot 2. TOGETHER WITH the South I 0 feet of vacated Street adjacent to said lots. agreemenL'huiDdm DEVELOPMENT AGREEMENT Michael Huff PAGE6