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<br />. .. <br /> <br />.. <br /> <br />Site Improvement Holdback <br /> <br />CBA Residential Development Ltd. ("Developer" ), Investors <br />Savings Bank, F. S. B ( "Lender") and the City of New <br />Brighton ("City") agree as follows: <br /> <br />1) To assure completion of certain site improvements, <br />namely <br />a) landscaping; <br />b) paving; <br />c) curbs; <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 inspected the site and <br />are satisfied that the site improvements are completed <br />to their satisfaction. . <br /> <br />2) 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) Lender will retain the holdback funds until completion. <br /> <br />Date: July 28, 1989 <br /> <br />City <br /> <br />~ <br /> <br /> <br />City Planner <br /> <br />By: <br /> <br /> <br />Developer <br /> <br />~ <br /> <br />By: <br />Its: <br /> <br />JLN/smk <br />