Trust FundDEVELOPER AGREEMENT
Timber Estates
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 $1,100.00 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 not completed by May 31, 2008, 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 $1,100.00 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 9th day of May, 2005
DEVELOPER
EXHIBIT A
Timber Estates
Required Improvement Cost Estimate
Landscape Maintenance $1,100.00
Street trees and landscaping are a required improvement for the Timber Estates subdivision.
The owner/developer of any project requiring site plan review approval, subdivision approval, or short subdivision approval shall provide a performance assurance device in order to provide
for maintenance of the required landscaping until the tenant or homeowners’ association becomes responsible for landscaping maintenance.