Resolutions-2013-210 (2)

a s time as the Improvements have been completed to the satisfaction of the City Engineer: i) installation of asphalt surfacing on Gable Way and the private drive; ii) installation of street lights; iii) connecting the water main in the Subdivision to the water main installed by the City; and iv) satisfactory testing of the water main once the connection is complete. At such time, the City shall issue a final release to the Developer for recordation and release the Escrow Funds to Developer. 5. If the Developer does not complete installation of the Improvements, the City shall be entitled to draw on the Escrow Funds to complete construction of the Improvements. a. 6. Developer agrees that the Escrow Funds shall be retained until all Improvements have been completed and a release has been issued by the City as provided above. If, as of 11 July' l, 2014, the Improvements have not been constructed' and installed, the City may use any, Escrow Funds to construct and install the Improvements. If the cost of construction and• installing of said Improvements ekceeds the- amount of the Escrow Funds, the City shall have a lien and charge against all of the lots in the subdivision for the balance of the cost's. 7. In consideration thereof, the City does hereby release Hickory Knoll from any lien or cloud now placed on the title . to the Subdivision as a result of the Developer' s Agreement. 8. This Partial Release shall not be construed as a release of the Developer' s obligations to, complete the Improvements. t 9. No building, permits will be issued until all improvements have been completed as specified in this agreement. Lots may be transferred or conveyed upon the recording of this document. Dated: HICKORY KNOLL DEVELOPMENT, LLC f By: Swen Larson, Manager , By. r r Joel McCaw, Manager f CITY OF TIFFIN, IOWA 01601035. DOCX}