Deferred Improvement Agreement_Yelm High School_1315 W Yelm Ave_2023.0100.CI0002.docxDEFERRED IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this ___________day of _________, 2023, by and between the CITY OF YELM, hereinafter called “CITY”, and “SCHOOL DISTRICT #2”, hereinafter called
“DEVELOPER”.
R E C I T A L S:
WHEREAS, DEVELOPER has obtained development approval from the CITY for the project located at 1315 YELM AVE W; and
WHEREAS, bring the parking lot next to the 93rd up to the Yelm municipal code is conditioned upon certain improvements which are described in the attached List titled “Yelm High School”
Remaining [describe general nature of items i.e. landscaping]”, hereinafter called the IMPROVEMENTS in accordance with the approved plans of the development which are hereby incorporated
by reference as though fully set forth; and
WHEREAS, unforeseen circumstances have prevented DEVELOPER from completing the IMPROVEMENTS; and
WHEREAS, DEVELOPER desires CITY’s consent to [occupy the development, issue final plat, etc.] prior to completion of the IMPROVEMENTS.
NOW, THEREFORE, BE IT MUTUALLY AGREED:
1. DEVELOPER agrees to complete the IMPROVEMENTS of its development in accordance with the plans as approved by the City of Yelm on or before 45 days from the date of execution (the
“Term”).
2. CITY agrees to allow DEVELOPER to occupy the development upon execution of this Agreement.
3. On or before the date of this Agreement, as security for DEVELOPER’s faithful performance of all obligations of this Agreement, DEVELOPER shall provide a surety mechanism (the “Agreement
Surety”) as more fully defined below in the amount of [________________] Dollars ($_________.00). The Agreement Surety may be comprised of either a performance bond or a cash deposit,
or a combination of both. The performance bond, if any, shall be issued by a duly authorized corporate Surety company authorized to do business in Washington, and in a form acceptable
to the City Attorney. The cost of the Agreement Surety shall be the sole responsibility of DEVELOPER. The Agreement Surety shall be released within thirty (3) days after both (i) the
expiration of the Term of this Agreement; and (ii) DEVELOPER’s satisfactory performance of all obligations hereunder.
4. Should DEVELOPER fail to complete the IMPROVEMENTS as provided in Paragraph 1, CITY shall have the right to take over the work and prosecute the same to completion, by contract, or
any other method CITY may deem advisable, for the account and expense of
DEVELOPER, and DEVELOPER’s Surety shall be liable to CITY for any cost or damages incurred by CITY. In the event that a performance bond is provided as the Agreement Surety, CITY shall
first call upon the Surety Company to cause the completion of the bring the parking lot next to the 93rd up to the Yelm municipal code and other improvements.
EXECUTED as the day first above written.
CITY OF YELM, a municipal corporation
By:
Printed Name:
Title:
[NAME OF DEVELOPER]
By:
Printed Name:
Title:
(Attach Performance Bond or Cash Deposit Receipt)
STATE OF WASHINGTON )
) ss
COUNTY OF THURSTON )
On this day and year below, personally appeared before me , to me known to be the of , and who executed the within and foregoing instrument and acknowledged that he/she
signed the same as his/her own free and voluntary act and deed on behalf of themselves or as corporate officers of the named corporation with the full authority, for the uses and purposes
herein mentioned.
Given under my hand and seal this ________ day of ______________, 20____.
Notary Public in and for the State of Washington,
residing at
My commission expires:
STATE OF WASHINGTON )
) ss
COUNTY OF THURSTON )
On this day and year below, personally appeared before me , to me known to be the Public Works Director of the City of Yelm, a Municipal Corporation, who executed the foregoing
instrument and acknowledged the said instrument to be the free and voluntary act and deed of said Municipal Corporation for the uses and purposes therein mentioned and on oath states
he is authorized to execute the said instrument.
Given under my hand and seal this ___ day of _________, 20 .
Notary Public in and for the State of Washington,
residing at
My commission expires: