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Home My WebLink AboutA006 - Agreement RE Grading of Streets, Installation of Sanitary Sewer and Other Utilities or Improvements dated February 26, 1991 AGR ME"L"v'T RE GRADING OF STREETS, INSTALLATION OF SANITARY SEWER AND OTHER UTILITIES OR IMPROVEMENTS THIS AGREEMENT is made this 26th day of February , 1991,' by and between the City of Ames, Iowa, party of the first part, and Erben A. Hunziker and Donald M. Furman party of the second part, WITNESSETH: WHEREAS, the party of the second part is the part owner of the real estate described as follows, to-wit: SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF CONTAINING THE CORRECT LEGAL DESCRIPTION, and WHEREAS, the party of the . second part is in the process of platting said real estate, as Fourth Addition to Orchard Estates Subdivision of Ames, Iowa, and the plat of the same, together with all supporting instruments, having been submitted to the City Council of the City of Ames for approval, and WHEREAS, the party of the second part has not completed the following operations: Street Construction 30,000. 00 Sidewalk Construction 6,000 . 00 Street Lights 2,500.00 Traffic Signal 5 ,000.00 TOTAL $43,500. 00 and it is desired by the parties hereto to make provisions therefor, and WHEREAS, the second party shall assume the responsibility for making of said improvements, and WHEREAS, it has been estimated that the cost of completing said improvements will not exceed the sum of $43,500.. 00. g A 2 NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: 1. That the party of the second part shall deposit with the City Clerk of the City of Ames, Iowa, a certified check or surety bond. in the penal sum of $43,500.00, conditioned on the satisfactory completion of said incomplete improvements. 2 . That the said cashier's check or surety bond of $43,500 .00 shall remain so deposited until the party of the second part shall have completed all of the improvements above mentioned to the satisfaction of the party of the first part. 3. That upon the completion of all of the said improvements to the satisfaction of the party of the first part, said surety bond or cashier's check in the amount of $43,500 .00 shall be released, surrendered and exonerated. 4 . That all of said improvements shall be completed by the party of the second part within 12 months of the date of this Agreement. In the event of the failure of the party of the second part to complete all of the said work as herein agreed, the party of the first part may perform said work and recover the cost thereof from the certified check or from the sureties on said bond posted pursuant hereto. IN WITNESS WHEREOF, this Agreement is signed the day and year first above written by the City Manager on behalf of the City of Ames, Iowa, and by the party of the second part. CITY OF AMES By City Manager PARTY OF T E FIRST PART By E A. H n ike f By Dona M. unman APPROVM AS TO FOR BY 7 � . John R. Kt us City Attorney.