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. ei1aV1 qv'� of (�� <br />4. A'he funds will not be released from escrow until the end of the one -year warranty period unless the warranty <br />period is otherwise secured in a manner acceptable to the City through a written amendment to the agreement. <br />In that event, funds will be released upon acceptance of the improvements in writing by the City. <br />5. All applicable closing costs, including but not limited to escrow fees, title insurance, recordation costs, and any <br />other reasonable compensation for services shall be paid solely by NEDCO. Additionally, all expenses, <br />including but not limited to litigation charges, reimbursement fees, bank fees or penalties, if any, levies for <br />public improvements, if required, or any other expenses incurred by the City to meet the agreed upon <br />obligations, will be paid solely by NEDCO. <br />The funds deposited are security for the construction of Park improvements whose value shall equal or exceed <br />the Parks SDC's for the Field of Dreams development at current rates. <br />a. If the value of the improvements as determined by the City is less than $16,104.00 the difference <br />between the value of the improvements and the $16,104.00 will be disbursed to the City from the escrow <br />account. <br />b. If Parks SDC rates increase, any additional charges in excess of the current rates will be collected with <br />the building permit. <br />B. THE CITY OF EUGENE AGREES: <br />1. To provide escrow instructions to Western Pioneer Title Company. <br />2. To refund the Parks SDC's collected for residential building permits issued in the Field of Dreams development. <br />Refunds will be made to the applicant of record for each such permit. <br />3. To apply a credit of $366.00 against the Parks SDC for all remaining residential permits. <br />4. The combined total of all future and retroactive credits will not exceed a maximum amount of $16,104.00. <br />5. To extend the construction completion date until September 30, 1996, amended from the original date of <br />November 10, 1995 as specified in the original agreement. <br />6. NEDCO shall not be responsible to provide park improvements in excess of the funding eligible for SDC credit. <br />Sincerely, <br />E <br />Johnny. . Medlin <br />Maintenance Support Manager <br />Acceptance of this agreement: <br />FOR NEDCO: <br />John Hu r <br />Ex ive Director <br />NEDCO <br />FOR THE CITY OF EUGENE: <br />Les Lyle <br />City Engineer <br />City of Eugene <br />JM:de <br />Attachment <br />Page 2 of 2 <br />