Trust FundDEVELOPER AGREEMENT
This Agreement is made pursuant to the provisions of Sections 16.20.030 and 16.20.040 of the Yelm Municipal Code for the purposes of bonding in lieu of completion of required improvements
and repairs described in the Exhibit A attached hereto and made a part hereof. The undersigned does deposit in trust with the City of Yelm $9,671.45 and grants the City the full power
and authority to hold and expend the deposited amount for the purpose of completing the required improvements and repairs described in said Agreement not completed by July 17, 2006,
or the issuance of a certificate of Occupancy for any single family dwelling within the short plat, whichever occurs first, pursuant to said agreement.
It is understood and agreed that the City holds the certificate covering said account in its possession and agrees to hold the sum of $9,671.45 until release or partial release of this
Agreement is received from the Community Development Department pursuant to the terms of the attached Exhibit, or demand made by the Community Development Department pursuant to Section
16.20.030 of the Yelm Municipal Code and the provisions of said attached Exhibit.
DATED this 17th day of May, 2006
DEVELOPER
EXHIBIT A
Required Improvement Cost Estimate
Completion of Crystal Springs Road frontage improvements $9,671.45
as required in Short Plat Approval SHS-05-0388-YL