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<br />. of the City's invoice setting forth the <br />, expenses, then the delinquent amounts <br />. shall bear interest from the date of the <br />invoice until paid in full at the lesser <br />of fifteen percent (15%) per annum or the <br />maximum lawful rate of interest. <br /> <br />(m) Final Approval of Developer [Project] <br />Improvements. If, on the basis of his <br />inspection of the Developer [Project] <br />Improvements during the course of their <br />construction, and his final inspection <br />thereof, the City Engineer is reasonably <br />satisfied that they have been substan- <br />tially completed in accordance with the <br />plans and specifications, and he has <br />received the as-built plans as provided in <br />Section 3(j) hereof, he shall indicate his <br />final approval of the Developer [Project] <br />Improvements in writing by letter <br />addressed and mailed to the Developer, the <br />City Council, and the City Attorney. The <br />date of such letter shall constitute the <br />date of the City's acceptance of the <br />Developer [Project] Improvements and they <br />. shall become the property of the City <br />wi thout further notice or action on the <br />part of either party hereto. Said <br />acceptance shall in no manner prejudice <br />any rights or claims which may subse- <br />quently accrue to the City hereunder. <br /> <br />(n) Performance Bond or Letter of Credit if <br />Developer to Install All Project Improve- <br />ments. Developer agrees that in the event <br />it has opted to do the entire Project, <br />Developer shall submit to the City a <br />performance bond or a letter of credit-- <br />the issuer, terms, form and execution of <br />which are satisfactory to the City--which <br />guarantees Developer's full and faithful <br />performance of its obligations under this <br />Development Agreement and guarantees the <br />City against defects in materials or <br />workmanship for a period of one (1) year <br />following completion and acceptance of the <br />Project by the City Engineer. The amount <br />of this bond or letter of credit shall be <br />one hundred twenty-five percent (125%) of <br />the estimated cost of the Project Improve- <br />. ments subject to reduction thereof, <br />however, to an amount equal to twenty-five <br />percent (25%) of the cost of the Project <br /> <br /> <br /> <br />, <br />'I .."_......__" . .__..,,~____~*._.._ .____" __.....____ ._~_. _._._.,~'.~." _~,,'____'_ <br />