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A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> J.R. SMITH, CLERK <br /> 1. The above recitals form an integral part of this agreement. <br /> 2. The Developer and County agree that the timing and construction of the <br /> required 231d Street SW roadway improvements as well as the posting of security to guaranty <br /> and warranty the roadway improvements will be controlled by the Developer's Agreement, <br /> which Developer's Agreement will be finalized in the future <br /> 3. Once the Developer's Agreement is finalized and executed, the security <br /> posted under this Agreement will be released. <br /> 4. Should the Developer's Agreement not be finalized prior to the expiration <br /> of the letter of credit, Developer agrees to promptly have the letter of credit amended to extend <br /> the expiration date to a date agreeable by County, otherwise County shall take necessary <br /> action to call the letter of credit, with said funds being held in escrow until the Developer's <br /> Agreement is finalized. Alternatively, should Developer fail to enter into the Developer's <br /> Agreement, the Developer and the escrowed funds shall be jointly and severally liable to pay for <br /> the cost of construction and installment of the required 23rd Street SW roadway improvements <br /> to the final total cost, plus the warranty, including but not limited to engineering, construction, <br /> legal and contingent costs, including reasonable attorney's fees incurred by the County, <br /> together with any damages, either direct or consequential, which the County may sustain as a <br /> result of the failure of Developer. <br /> 5. Should Developer fail to enter into the Developer's Agreement, and the <br /> County calls the letter of credit, the parties agree that the County at its option shall have the <br /> right, but not the obligation, to construct and install or, pursuant to receipt of competitive bids, <br /> cause to be constructed and installed the required roadway improvements in the event <br /> Developer shall fail or refuse to do so. Developer shall remain wholly liable for any resulting <br /> deficiency, should the called funds be exhausted prior to completion of the required roadway <br /> improvements. In no event shall the County be obligated to expend public funds, or any funds <br /> other than those provided by the Developer to construct the required roadway improvements. <br /> 6. Security provided to the County by Developer with respect to this <br /> Agreement shall exist solely for the use and benefit of the County under the terms of this <br /> Agreement and shall not be construed or intended in any way, expressly or impliedly, to benefit <br /> or secure payment to any other party. <br /> 7. This agreement is the full and complete understanding of the parties and <br /> shall not be construed or amplified by reference to any other agreement, discussion, or <br /> understanding, whether written or oral, except as specifically mentioned herein. This <br /> agreement shall not be assigned without the express written approval of the County. Any <br /> amendment, deletion, modification, extension, or revision hereof or hereto shall be in writing, <br /> executed by authorized representatives of both parties. <br /> 2 <br />