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Said easement shall be conveyed by a Grant of Easement within <br />ten (10) days after the execution of this agreement. <br />III. Developer shall pay to City cash in the amount of <br />Twenty-three Thousand Two Hundred Eighty and 25/100ths Dollars <br />($23,280.25) in lieu of its obligation to improve the Hopyard <br />Road frontage. Payment shall be made within thirty (30) days <br />after the formation of an assessment district which includes <br />improvements to or acquisition of improvements made to <br />Hopyard Road. As security for the performance of this obligation, <br />Developer shall deliver to City within ten (10) days after <br />the execution of this agreement a bond or bonds, an instrument <br />of credit, or a letter of credit, acceptable to City, in the <br />above-mentioned amount. <br />IV. Owner's dedications of fee and easement and Developer`s <br />in-lieu payment, as indicated above, shall be in total satisfaction <br />of their respective obligations now or in the future for any <br />and all improvements to be made within the area located and <br />described in Exhibit "A" as "Street Dedication Area" and <br />i <br />"Public Service Easement Area". <br />V. City shall pay for all escrow fees and charges, transfer <br />taxes, title insurance premiums, and any other costs incident <br />to this transaction, if any; however, each party shall pay <br />for its own attorney's fees. <br />VI. The parties to this agreement agree to do all acts and <br />execute and deliver all documents appropriate, necessary, <br />and convenient to carry out the purposes and intent of this <br />agreement. <br />-3- <br />