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<br />216111v1 <br />the form attached hereto as Exhibit C, form a bank approved by the City. The bank shall be authorized to do <br />business in the State of Minnesota. The Security shall extend through completion and acceptance (including <br />the expected warranty period) by the City of the Development Work. The Security shall be for a term <br />ending November 30, 2023. Individual security instruments may be for shorter terms provided they are <br />replaced at least thirty (30) days prior to their expiration. The City may draw down the security, upon five <br />(5) business days prior written notice to Developer, for any violation of the terms of this Agreement. <br />Amounts drawn shall not exceed the amounts necessary to cure to the default. If the Security is drawn <br />down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work <br />has been completed and financial obligations to the City have been satisfied in accordance with approved <br />plans, the security shall be reduced from time to time by ninety percent (90%) of the financial obligations <br />that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer shall be <br />retained as security until all improvements have been completed and all financial obligations to the City <br />satisfied. The City standard specifications for utilities and street construction outline procedures for security <br />reductions. <br /> 30. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br />requirements under this Agreement which must be furnished to the City at the time of final Development <br />approval and execution of this Agreement by the City: <br /> Engineering, City Administration <br /> Legal Expenses escrow $1,500.00 <br /> Administration $2,500.00 <br /> <br /> Total Cash Requirements $4,000.00 <br />The City is implementing a pass through billing process. The $4,000.00 escrow will be held and all bills <br />will be forwarded for immediate payment. If payments are not made in a timely fashion, the project will <br />stop until payments are made. If said fees are less than estimated, the City shall reimburse the Developer <br />within thirty (30) days of receipt of final invoices.