The city reserves the right to refuse to enter into any latecomer agreement or to reject any application therefor. All applications for latecomer agreements shall be made on the basis that the applicant releases and waives any claims for any liability of the city in establishment and enforcement of latecomer agreements. The city shall not be responsible for locating any beneficiary or survivor entitled to benefits by or through latecomer agreements. Any collected funds unclaimed by developers after three years from the expiration of the agreement shall be returned to parties making payment to the city. Any remaining undeliverable funds shall inure to the benefit of the appropriate utility and/or fund approved by city council. (Ord. 1115-85 § 4, 1985.)