2021.0026 LD Deferred Improvement Agreement.docxDEFERRED IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this ___________day of _________, 20__, by and between the CITY OF YELM, hereinafter called “CITY”, and Rush Residential, Inc. 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 “The Vista at Mill Pond” and
WHEREAS The Approval of Final Plat is conditioned upon certain improvements which are described in the attached List titled “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 approve the Final Plat 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 60 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 Two Hundred Forty-Nine Thousand Five Hundred Twelve and 11/Dollars ($249,512.11). 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 landscaping 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)