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APPENDIX 19 MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding is entered into by and between the following parties: Cass County Commission hereinafter called "Commission". and ~~~ ~Or ~Joa d L hereinafter called "Developer." RECITALS WHEREAS, Developer has submitted to the Cass Count Commission, a plan and application for a Subdivision or Land Development Plan located in ~'i~~~~~ (Township) known and designated as E l i ~k-i-~ s~y„~~~;~,:e.~end, WHEREAS, Commission has required and Developer has agreed that as a condition precedent to recordation of the Developer's Subdivision, all improvements shall be completed by the Developer and approved, or, in lieu of the completion of the improvements required, the Developer shall provide a bond or other security as required by Section 502, 503 and 504 of the Cass County Subdivision Ordinance; and, WHEREAS, Commission and Developer desire to set forth their understanding concerning the Developer's agreement and responsibility to pay the costs involved in inspecting and approving Developer's Subdivision. NOW, THEREFORE, intending to be legally bound hereby, Commission and Developer agree as follows: 1. The Developer, at his own cost and expense, shall proceed to perform and complete all improvements required by the developer's Subdivision or Land Development, subject to the review and approval of the plans and specifications by the Commission. 2. In lieu of the completion of the improvements required as a condition for the recordation of the of the Developer's Subdivision Plat, the Developer SHALL PROVIDE for deposit with the Commission, financial security (consistent with Section 503 of the Cass County Subdivision Ordinance) in an amount sufficient to cover the costs of any improvements including, but not limited to, roads, storm water facilities, utilities and other related facilities. Such bond, or other security SHALL PROVIDE for and secure to the public, the completion of the improvements within one (1) year of the date fixed in the subdivision or development plat for the completion of such improvements. THE AMOUNT of financial security shall be equal to one hundred ten percent (110%) of the cost of the required improvements for which financial security is to be posted. THE COST of the improvements shall be established by submission to the Commission of an estimate prepared by the Developer's Engineer, subject to review, comment and approval by the Commission or its designees.