HomeMy WebLinkAboutA004 - Agreement dated June 5, 1978 AGREEMENT
KNOW ALL PERSONS BY THESE PRESENTS:
This Agreement is made this JtG'( day of
1978, between Conservative Mortgage Company, an Iowa corporation,
(First Party) and the City of Ames, Iowa (Second Party) , as
follows:
WHEREAS, First Party is in the process of platting an addi-
tion .to Ames, Iowa, to be known as Southdale 3rd Addition; and,
WHEREAS First Party is required to complete construction
of the streets, street lights, street signs, sidewalks, and fire
hydrants within said addition and to pay the reasonable engineer-
ing and inspection fees therefor, all as part of the platting
procedures and in compliance with the platting ordinances of
the City of Ames, Iowa;
NOW, THEREFORE, in consideration of the premises, it is
agreed that the First Party shall deposit with the Second Party
a surety bond, in the amount of $66,600. 00, conditional upon
the completion of said improvements, all as required by the
Ordinances of the City of Ames, Iowa.
It is further agreed that the Second Party reserve the
right to complete the said improvements in the event First Party
fails to do so, as herein agreed, and to cover the costs thereof
with the surety bond.
It is further agreed that upon the satisfactory comple-
tion of the said improvements, including the paying of a reason-
able engineering and inspection fee therefor, the bond shall
be released and the bondsman exonerated.
It is further agreed that said improvements shall be
completed by First Party within two years from the date of accep-
tance of the final plat by the' Second Party.
CITY OF AMES CONSERVATIVE MORTGAGE COMPANY
Y _� - 9, By
LAW OFFICES Mayor --
PASLEY,
PASLEY, HOLM
& TIMTOWS By
ES,
clerk