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443386 DEVELOPMENT AGREEMENT THIS AGREEMENT entered into this day of t1A'{ , 1999, by and between G & H Enterprises, LLC {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, DEVELOPER is the owner of certain premises located in the City of Moscow known as Quail Run Second Addition to the City of Moscow; and WHEREAS, DEVELOPER has not, at this time, set interior monuments, as required by Idaho Code Section 50-1303; and WHEREAS, DEVELOPER desires to record the final plat of Quail Run Second Addition; and WHEREAS, Idaho Code Section 50-1331 through 50-1333 requires the setting of interior monuments for subdivisions prior to the recording of the final plat; and WHEREAS, DEVELOPER and CITY mutually desire to ensure that such interior monuments are installed. NOW, THEREFORE, for and in consideration of the mutual promises herein, DEVELOPER and CITY hereby agree and covenant as follows: 1. PROPERTY AFFECTED: Property which is subject to this Jlgreement is described as Quail Run Second Addition to the City of Moscow, as evidenced by the plat attached hereto and incorporated herein by reference. 2. CONDITIONS OF RECORDING WITHOUT MONUMENTATION: Pursuant to Idaho Code Section 1331, DEVELOPER may record the final plat of Quail Run Second 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. DEVELOPER furnishes to CITY a bond or cash deposit in the amount equal to one hundred twenty percent (120%) of the estimated cost of the survey work for the placement of the interior monumentation based upon the estimate of the surveyor who signs 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 CITY the following: A. AFFIDAVIT OF SURVEYOR: DEVELOPER shall retain the services of a land surveyor to survey and set the interior monuments of Quail Run Second 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 Quail Run Second Addition Development Agreement Page 1 of 3 99-27 ---PAGE BREAK--- 443386 to the City of Moscow will be set on or before May 1, 2000. DEVELOPER further has presented an estimate from Charles Cuddy, the land surveyor signing the plat, estimating that the cost of such monumentation is Three Thousand, Eight Hundred Fifty and No One-Hundredths Dollars ($3,850.00). B. DEVELOPER shall furnish CITY with a bond or cash deposit in the amount of Four Thousand, Six Hundred Twenty and No One-Hundredths Dollars ($4,620.00) which is equal to one-hundred twenty percent (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, 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 Four Thousand, Six Hundred Twenty and No One-Hundredths Dollars ($4,620.00) has been deposited with CITY as required by Section 3(B) of this Agreement. 5. RETURN OF DEPOSIT/RELEASE OF BOND: Only After DEVELOPER pays the land surveyor for performing the interior monumentation work and notifies CITY of such payment, 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 CITY may, upon written request of DEVELOPER, pay the land surveyor from monies 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, 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 DEVELOPER 7. FAILURE OF DEVELOPER TO PAY FOR MONUMENTATION: In the event DEVELOPER fails or refuses to authorize the payment for interior monumentation, the land surveyor may request payment from CITY, and upon inspection by CITY of such interior monumentation, CITY 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 DEVELOPER. 8. TERM. This Agreement shall remain in effect until all monuments as described herein have been installed and accepted by CITY, and in no event shall the time period to install the monuments as required in paragraph 3(A) 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 all parties, heirs, assigns, and successors and interest 10. 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 Page 2 of 3 ---PAGE BREAK--- . DEVELOPER: CITY: G & H Enterprises 495 Quail Run Drive Moscow, Idaho 83843 Telephone; (208) 882-4652 Marshall H. Comstock, Mayor City of Moscow P.O. Box 9203 Moscow, Idaho 83843 Telephone: (208) 883-7000 FAX: (208) 883-7018 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date first above written. DEVELOPER: G & H ENTERPRISES L. L. C, By: Jim Gress, STATE OF IDAHO ) ) ss County of Latah ) CITY: Marshall H. Comstock, Mayor On this day of , 1999, before me, the undersigned, a Notary in and for said State, personally appea'rectJiGress, in his official capacity and as duly authorized agent of G & H Enterprises, known to me to be the person whose name is subscribed to the foregoing and acknowledged to me that he executed the same on behalf of G & H Enterprises. IN WITNESS WHEREOF, I have hereu and year hereinabove written. 443386 Development Agreement