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 required improvements must be completed by the developer prior to the issuance of any building permit
for any structure located within the SR 510 Yelm Loop right-of-way within the plat of Mountain Sunrise. The undersigned does deposit in trust with the City of Yelm $48,410.00 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 if building
permits are applied for in the SR 510 Yelm Loop right-of-way as shown on the Mountain Sunrise Phase II plat.
It is understood and agreed that the City holds the certificate covering said account in its possession and agrees to hold the sum of $48,410.00 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 day of OCTOBER, 2006
DEVELOPER
EXHIBIT A
Required Improvement Cost Estimate
The installation of sidewalks, planter strips, and street trees required as part of the Mountain Sunrise subdivision approval for residential lots located within the SR 510 Yelm Loop
right-of-way corridor.
The above required improvements must be completed prior to the issuance of any building permit for any structure located within the SR 510 Yelm Loop right-of-way within the plat of Mountain
Sunrise.
$21,196.00 Sidewalk
$11,078.00 Trees & hydroseed
$32,274.00 Total
150% of total: $48,410.00