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DEVELOPMENT AGREEMENT THIS AGREEMENT, entered into this 1st day of 1996, by and between Rafik and Marysue ltani (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, W ITNESSETH: WHEREAS, the DEVELOPER is the owner of certain premises located in the City of Moscow known as Rolling Hills Addition No.2 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 Rolling Hills Addition No. 2; and W HEREAS, the parties mutually desire to ensure that such monuments are installed: NOW, THEREFORE, for and in consideration of the following mutual promises, DEVELOPER and the CITY hereby agree and covenant as follows: I. PROPERTY AFFECTED: Property which is subject to this Agreement is described as Rolling Hills Addition No. 2 to the City of Moscow, as evidenced by the plat attached hereto and incorporated by reference. 2. CONDITIONS OF RECORDING WITHOUT MONUMENTATION: Pursuant to Idaho Code Sections 50- 1331 and 50- 1332, the DEVELOPER may record the final plat of Rolling Hills Addition No. 2 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. Development Agreement Page I 96-31 ---PAGE BREAK--- 3. DEVELOPER'S COVENANT: DEVELOPER agrees to install, at its own expense all interior monwnents within the subdivision, as required by law. DEVELOPER shall provide the CITY the following: A. AFFIDAVIT OF SURVEYOR: The DEVELOPER shall retain the services of a land surveyor to survey and set the interior monwnents of Rolling Hills Addition No. 2 to the City of Moscow, and shall attach an affidavit of such land surveyor to the platË said affidavit shall certifY that the interior monuments for Rolling Hills Addition No. 2 to the City of Moscow will be set on or before July I , 1997. DEVELOPER further has presented a letter, Larry Hodge, the land surveyor signing the plat, estimating the cost of such monumentation is Six Hundred Dollars ($600.00). B. The DEVELOPER shall furnish the CITY with a bond or cash deposit in the amount of Seven Hundred Twenty Dollars ($720.00), 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 monwnents arc to be established after recording of the plat) have been met and security in the amount of Seven Hundred Twenty Dollars ($720.00) has been deposited with the CITY as required by Section 3(b) of this Agreement. 5. RETURN OF DEPOSIT/RELEASE OF BOND: If DEVELOPER pays the land surveyor for performing the interior monwnentation 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 monwnents 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 monwnents and reference such monwnents 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 MONUMENTATJON: In the event the DEVELOPER fails or refuses to authorize the payment for interior the land surveyor may request payment from the CITY, and upon inspection by the CITY of such interior shall pay the land surveyor from the proceeds of the bond Development Agreement Page 2 ---PAGE BREAK--- 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 set forth above. THIS AGREEMENT was approved by the Moscow City Council at their regular meeting on the ,Z1: day of 1 I . Lu_/ 1996. DEVELOPER: CITY OF MOSCOW: Rafik Itani Paul C. Agidius, Mayor b8TEST: If. A . Marysue ltani ACKNOWLEDGMENT - On this day of , 1996, before me, a Notary Public of the State of Idaho, personally appeatld Pad! C. Agidius in his official capacity as Mayor of the City of Moscow, known to me to be the person described in the above document and acknowledged to me that he executed the same. Development Agreement Page3 ---PAGE BREAK--- ACKNOWLEDGMENT On this day of , 1996, before me, a Notary Public of the State of Idaho, personally appk{ediaine Russell in her official capacity as Moscow City Clerk, known to me to be the person described in the above document and acknowledged to me that she executed the same. ACKNOWLEDGMENT On this ' day of , 1996, before me, a Notary Public of the State of Idaho, personally appeared lfafik Itani, known to me to be the person described in the above document and acknowledged to me that he executed the same. C'Xr { i ' Notary Public residing at.-72'-: ' , ' _ My commission expires. _ ACKNOWLEDGMENT On this day of , 1996, before me, a Notary Public of the State of Idaho, personally appe'ared Rafik 1tani for Marysue ltani by power of attorney, known to me to be the person described in the above document and acknowledged to me that he executed the same in her behalf. agreemnt\ro!Jhil2\sr Development Agreement Pagc4 ---PAGE BREAK--- STATE OF IDAHO ) COUNTY OF LATAH ) AFFIDAVIT I, Larry J. Hodge, being first duly sworn, deposes and says: 1. That I am a licensed professional land surveyor for the State of Idaho; 2. That the interior monuments for the Rolling Hills Addition No. 2 to the City of Moscow will be marked in accordance with IDAHO Code §50-1303; 1997; 3. That the said interior monuments will be set on or before the 28th day of June, 4. That the said interior monuments, at the time they are marked, will be in compliance with the references on the plat as approved by the City of Moscow. DATED thisU day of ft-ttVE, 199b ' . I ; I ) I I l - SUBSCRIBED AND SWORN TO before me this d5 day of , 199lc My commission expires: d -I CJ · 04 of