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Parkview Addition DRAFT C O P Y Development Agreement May 22, 1998 5. Inspection. All of the work shall be under and subject to the inspection and approval of the City and, where appropriate, any other governmental agency having jurisdiction. 6. Easements. The Developer shall make available to the City, at no cost to the City, all permanent or temporary easements necessary for the installation and use of the Developer Improvements, as determined by the City Engineer. All such easements requested by the City shall be in writing, in recordable form, and on the standard easement form of the City and on such other terms and conditions as the City shall determine. 7. Faithful Performance of Construction Contracts and Letter of Credit. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer's Improvements and hereby guarantees the workmanship and materials for a period of one year following the City's final acceptance of the Developer's Improvements. The Developer agrees to guarantee for a period of two years the tree plantings required as part of the Developer's Agreement. Each specific tree guarantee period shall begin with the planting of each specific tree. Concurrently with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter, maintain with the City a cash deposit, certified check, or an Irrevocable Letter of Credit, based on one hundred fifty percent (150 %) of the total estimated cost of the Developer's Improvements as indicated in Paragraph Al. The Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of Centerville and shall state thereon the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Contract and construction of all required improvements in accordance with the ordinances and specifications of the City. Such Letter of Credit may be reduced upon completion and acceptance of the Developer's Improvements by the City to an amount deemed adequate by the City Engineer to cover the one year warranty period described herein. The City shall have the right during said warranty period to draw on the Letter of Credit for any warranty work that is necessary. The City reserves the right to draw, in whole or in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this contract. The Irrevocable Letter of Credit shall be renewed or replaced by not later than twenty (20) days prior to its expiration with a like letter or bond. 7. Reduction of Escrow Guarantee. The Developer may request reduction of the Letter of Credit or cash deposit based on prepayment or the value of the completed Improvements at the time of the requested reduction. The amount of reduction will be determined by the City and such recommendation will be submitted to the City Council for action. 8. Approval of Contractors. Any contractor selected by the Developer to construct and install any Developer's Improvements must be determined in writing by the City Engineer to be acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate financial status by any such contractor. \\SPNWFS \VOLI \DATAIPROJ \260089m \089 -1405. may.DevAgree.doc Page 4