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<br />Site Improvement Holdback <br /> <br />CBA Residential Development Ltd. <br />Savings Bank, F. S. B ("Lender") <br />Brighton ("City") agree as follows: <br /> <br />("Developer" ), Investors <br />and the Ci ty of New <br /> <br />1) <br /> <br />2) <br /> <br />Date: <br /> <br />City <br /> <br />Lender <br /> <br />To assure completion of certain site improvements, <br />namely <br />a ) lands caping ; <br />b) paving; <br />c) curbs i <br />d) sidewalks <br />as part of the Development of Brightwood Townhomes, <br />Lender will not release from its~construction loan to <br />Developer the amount $14,875 representing the sum <br />necessary to complete the above named site improvements <br />until the City and Lender have inspe~ted the site and <br />are satisfied that the site improvements are completed <br />to their satisfaction. <br /> <br />City will advise Lender and Developer in writing that <br />the site improvements are completed, at which time <br />Lender will authorize Title Insurance Company of <br />Minnesota to disburse holdback funds. <br /> <br />3) <br /> <br />Lender will retain the holdback funds until completion. <br /> <br />July 28, 1989 <br /> <br />BY:~ <br /> <br />Erny Mattila <br />City Planner <br /> <br /> <br />/7~ <br /> <br />owlin <br />Vice President <br /> <br />By: <br />Its: <br /> <br />~~~. <br /> <br />Developer <br /> <br />JLN/smk <br />