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I 388910 ADDENDUM TO DEVELOPMENT AGREEMENT PARTIAL REPLAT OF THE HATLEY ADDITION THIS addendum is made and entered into by and between WAL-MART STORES INC., a Delaware Corporation with its principle place of business at 702 Southwest Eighth Street, Bentonville, Arkansas, 72716, GEORGE B. HATLEY, lOLA HATLEY, BERNEDA GRACE HATLEY HAMILTON, CHARLES HAMILTON, VELETTA RAE HATLEY FRINK and 0. EUGENE FRINK, hereinafter referred to as the DEVELOPER, and THE CITY OF MOSCOW, a Municipal Corporation of the State of Idaho. Not withstanding the terms and conditions set forth in said Development Agreement dated the 4th day of November, 1991, entered into by and between GEORGE B. HATLEY, lOLA HATLEY, BERNIEDA GRACE HATLEY HAMILTON, CHARLES HAMILTON, VELETTA RAE HATLEY FRINK and 0. EUGENE FRINK, and THE CITY OF MOSCOW, a Municipal Corporation of the State of Idaho, it is hereby agreed that said development agreement be modified as follows: 1. Article VIII is amended in its entirety to read as follows: ARTICLE VIII SECURITY FOR IMPROVEMENTS: The CITY agrees that upon receipt of the security described in paragraph IX it will issue building permits (upon payment of permit fees) for properties affected during each phase of the development. If the DEVELOPER fails to complete construction of all of the improvements of the applicable phase of development within the period of time after issuance of the first building permit specified in Paragrap¬ III, 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 born by the DEVELOPERS. Any additional construction services needed shall be let by bid, and subject to the laws of the State of Idaho relative the letting of said bids. It is further agreed that said security shall be released to said DEVELOPER upon final inspection and approval of the project by the CITY. 2. -Article IX is amended in its entirety to read as follows: ADDENDUM TO DEVELOPMENT AGREEMENT 1 ---PAGE BREAK--- 388910 ARTICLE IX FORM OF SECURITY: The DEVELOPERS agree to provide security in the amount of $977, 080.00 for Phase I. The security for Phase II and III·will be provided by the DEVELOPERS at the time those phases are initiated. The amount of the security will be determined by the City Engineer. The securities shall be in the form of a construction bond, irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable by the City Attorney and the City Council prior to the issuance of building permits by the CITY. The security must be effective for a minimum period of twenty-four (24) months for Phase I, and eighteen ( 18) months for Phase II and Phase III. If this security is in the form of a letter of credit or bond, the secured improvements shall be constructed at least ninety (90) days prior to the expiration date of the security. If not completed at that time, the CITY may claim the security and utilize it to complete the improvements. The amount of the security may, from time to time, be modified as deemed appropriate by the City Engineer as conditions warrant. If the amount of security is to be increased, the CITY shall notify the DEVELOPERS in writing, stating specifically the basis for said alteration, and the DEVEtOPERS shall be given a reasonable opportunity to satisfy the CITY's concerns. In the event of a disagreement as to an increase, the matter shall be submitted to a mutually agreed upon arbitrator, cost to be paid by the l developer. 3. Article XIII is amended in its entirety to read as follows: ARTICLE XIII FAILURE TO COMPLY: If the DEVELOPERS fail to comply with the terms of this agreement, the CITY, after thirty (30) days written notice, may seek specific performance of the agreement and may attach the security to complete the improvements. The DEVELOPERS agree to pay all expenses incurred by the CITY in enforcing the agreement. J: It is further agreed that in the event of default by the DEVELOPER the CITY shall provide notice to the DEVELOPER posting said security of the letting of bids and the awarding of said contracts to complete the DEVELOPERS obligations under said agreement. Said notice requirements as setforth herein shall in no way limit the CITY's rights afforded by the laws of the State of Idaho. ADDENDUM TO DEVELOPMENT AGREEMENT 2 ---PAGE BREAK--- 388910 DEVELOPERS -BERNEDA GRACE HAMILTON CHARLES HAMILTON ·O ' . 5- PL OEUK . Will. -MART. STORES, INC. / 755\. v_E 6 eSi\Ke"-\- 0D 89\ Es\A.k / CITY OF MOSCOW Council President ADDENDUM TO DEVELOPMENT AGREEMENT 3 ELAINE RUSSJ City Clerk . ---PAGE BREAK--- . . . 388910 ACKNOWLEDGMENT STATE OF IDAHO ss. County of Latah On this 11' day of ¤ebruary, 1992, before me, the undersigned Notary Public in and for said State, personally appeared GEORGE B. and IOLA HATLEY, known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged to me that they executed the · sciine . L" J , f ' . . , . . . · MN. Notary Publi and for the State of Idaho, residing at Moscow, Idaho. My Commission expires: ACKNOWLEDGMENT STATE OF OREGON ) ) ss. County of On £his @ day of February, 1992, before me, the undersigned Notary Public in and for said State, personally appeared BERNEDA GRACE HATLEY HAMILTON and CHARLES HAMILTON, known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged to me that they executed the same. 4 ---PAGE BREAK--- ' . K a88910 ACKNOWLEDGMENT STATE OF IDAHO ss. County of Latah On this I day of February, 1992, before me, the undersigned Notary Public in and for said State, personally appeared VELETTA RAE HATLEY FRINK and 0. EUGENE FRINK, known to me to be the persons whose names are subscribed to the It, foregoing instrument, and acknowledged to me that they 'executed the same. ADDENDUM TO DEVELOPMENT AGREEMENT Notary Public n and for the State of Idaho, residing at Moscow, Idaho. My Commission expires: 3/2 Ire 5 ---PAGE BREAK--- 388910 STATE OF 1\n...x.o.t>sc:xs County of Qob ACKNOWLEDGMENT ss. On this At::i-' \ day of Fei:r?uar-y., 1992, before me, the undersigned Notary Public in and for said State, personally , known to me to be the Rq. \)\li Gres' em c.f- of WAL-MART STORES INC., the corporation l4c..\ k:k that executed the within instrument, and acknowledged to me that said corporation executed the same. IN WITNESS WHEREOF, I have hereunto set my hand ADDENDUM TO DEVELOPMENT AGREEMENT 6 . , . . . . . \ . . . ---PAGE BREAK--- ass91o ACKNOWLEDGMENT STATE OF IDAHO ) ) ss. County of Latah ) iJ;_ On this = day of Feb;.>r y, 1992, before me, the undersigned Notary Public in and for said State, personally appeared NICK CROOKSTON, known to me to be the Council President of the CITY OF MOSCOW, the corporation that executed the within instrument, and acknowledged to me that said corporation executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal the date last above wr itten. ' , . . - .t . . ADDENDUM TO DEVELOPMENT AGREEMENT Notary PubtfE j n the State of F , residing at /?14. · . f J! My Commission expires :c.i/":?W7?2 7 ---PAGE BREAK--- ACKNOWLEDGMENT STATE OF IDAHO ss. County of Latah On this day of 1992, before me, the undersigned Notary Public in and for said State, personally appeared ELAINE RUSSELL, known to me to be the City Clerk o f the CITY OF MOSCOW, the corporation that executed the within instrument, and acknowledged to me that said corporation executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal the date last above written . . ADDENDUM TO DEVELOPMENT AGREEMENT 8 388910 AT THE REQUEST Of· = DATE & HOUR: . M. 8 SUSAN PETERSEN LATAH COUNTY RECORDER FEE$ BYB 0CE:xc1 @aA F/LfVJED