Common use of Developer Deposit Clause in Contracts

Developer Deposit. The Developer shall deposit with the City upon execution of this Agreement the amount of the City’s initial estimate of certain fees, costs and charges associated with this Agreement. Should the actual amount of these fees, costs or charges exceed the amount deposited, the City may, at the end on the month in which the fees, costs and charges exceed the deposit, provide an updated written estimate to the Developer. Within fifteen (15) days of receiving the new estimate, the Developer shall deposit with the City an amount equal to the difference between the City’s new estimate and the amount previously deposited by the Developer. Deposits not made within fifteen (15) days shall bear interest at 12% per month or portion thereof until paid. No Extension shall be connected to the City’s systems until all fees, charges, and other costs due under this Agreement are paid in full by the Developer. The City’s initial estimate for the fees, costs and charges is set forth below. The Developer shall deposit the total amount indicated upon execution of this Agreement: 1. Administrative Deposit $ 500.00 (Estimate) 2. Remaining Engineering Services $ 25,000.00 (Estimate) 3. Construction Inspection $ 110,000.00 (Estimate) 4. Legal Services Deposit $ 2,000.00 (Estimate) 5. Final Plat Processing $ 15,000.00 (Estimate) 6. Construction Cash Deposit $ 0.00 7. Other Costs $ 0.00 TOTAL DEPOSIT $ 152,500.00

Developer Deposit. The Developer shall deposit with the City upon execution of this Agreement the amount of the City’s initial estimate of certain fees, costs and charges associated with this Agreement. Should the actual amount of these fees, costs or charges exceed the amount deposited, the City may, at the end on the month in which the fees, costs and charges exceed the deposit, provide an updated written estimate to the Developer. Within fifteen (15) days of receiving the new estimate, the Developer shall deposit with the City an amount equal to the difference between the City’s new estimate and the amount previously deposited by the Developer. Deposits not made within fifteen (15) days shall bear interest at 12% per month or portion thereof until paid. No Extension shall be connected to the City’s systems until all fees, charges, and other costs due under this Agreement are paid in full by the Developer. The City’s initial estimate for the fees, costs and charges is set forth below. The Developer shall deposit the total amount indicated upon execution of this Agreement: Phase 1 1. Administrative Deposit $ 500.00 (Estimate) 2. Remaining Engineering Services $ 25,000.00 10,000.00 (Estimate) 3. Construction Inspection $ 110,000.00 70,000.00 (Estimate) 4. Legal Services Deposit $ 2,000.00 (Estimate) 5. Final Plat Processing $ 15,000.00 10,000.00 (Estimate) 6. Construction Cash Deposit $ 0.00 7. Other Costs $ 0.00 TOTAL DEPOSIT $ 152,500.0092,500.00