)

B57 137759 30,

(m). pay all current taxes levied or to be levied on

the Lands on the basis of and in accordance with the

assecsment and collector's roll entries;

Pa wt Tha,
(n}) pay to the ciy the amount of Eaghicen Thousand
¢ aad Comte! 19, 979 )

: Ware ~,
pry te CH SS nundred Bac ‘($387304498) Dollars which is the

and ther works be done by The G
o> ~\eost to the City of all inspectionsarequired

(Pp) Prepare contract documents to be approved by the
eden Li. City Engineer for the construction and installation af
Z all Works and Services required to be constructed and
installed by this AGreement and conduct calls for tenders
for each of the Works and services to be constructed and
installed by this Agreement, and the City will upon the
Closing of sach of the calls for tenders determine what

will complete the Gieuts Works and
by Serhans Qa) end aed
= ea cied_srd—instriied—by

$. FORTHWITH upon execution of this AGreement the Developer
will deposit with the City a Letter of Credit (called herein the

Sep’

“Security Deposit") in the amount of Four Hundred Taiven me
Lally rt (470,555, +0)
Thousand (S#227ttoter) Dollars drawr! on <<
being the total estimated costs of the pre-
s¢ribed Works and services, the details of which are contained in

F
Schedule "7" hereto AND THE Developer agrees that the Developer will

forfeit the Security Deposit to the City if the Developer fails to
construct and install the Prescribed Works and S@€rvices in the

times provided nerein AND iF the City then exercises its discretion
to complete the Prescribed works and services or any Parts thereof
such action by the City shall be at the Developer's expense and

the costs thereby incurred shail be deducted from the Security
Deposit and the balance, if any, of the Security Deposit will after-

ward to be returned to the Developer less administration, legal and

vob

ot.ecs fees and disbursements incurred by the City that this Agsree-
ment permits the City to deduct from. the Security Deposit ano Ir
the Security Deposit is for insufficient monies the Developer
Promptly pay any deficiency to the City upon receipt of the City's
invoice for completion IT BEING UNDERSTOOD that the City may do
all such work either itself or through contractors and their
employees AND IF the prescribed Works and services are satisfactorily
completed as herein provided and the Developer pays all invoices
of the City, as herein required, the City shall return the Security
Deposit to the Developer upon completion.
6. The nine Schedules which are attached to and which are
hereby incorporated with and made part of this Agreement are:
{a} Schedule "A" being the location, design and specifi-
Cations of the 18 inch watermain;
(b) Schedule "p* being the location, design and specifi-
cations of the 500 foot, 8 inch watermaing and

le}

ter t

Reet hyva¥

redrbe et peng the-secetiun—tesig
Gattons of the 600 foot, 10 inch sanitary sewer ss. in;
2) Schedule "a being the location, design and specifi-

Cations of the storm sewers pa |

h = dute—ips

eations of the paved road south of the Mary Hill Bypasss townef
Hi-“Schedute— 82 beiag_che-iecation;—desrgr-and specifi-
Cations Of the curbs and boulevards;

a Schedule "5 being the location, design and specifi-

cations of the underground telecommunications and Power

supply; .
res) Schedule ee being the location, design and specifi-
cations of the street lighting; and

(dy Schedule fe being a statement of the apportionment

of the total Security Deposit,

f 5

‘
sae

SP Ge