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DEC. -0 98 14:59 3ARA'A GUZY STEFFE TEL:611 780 177 <br /> °.006 <br /> b, Construction shall not begir, until written notice authorizing construction <br /> to start is received by the Developer from the City, <br /> c• Construction shall be completed to the standards and specifications <br /> described in the plans and specifications entitled Sanitary Sewer and Street <br /> Reconstruction lmprovemcnts. Developer authorizes the City and/or die <br /> City Engineer to inspect construction of said improvements and grants to <br /> them a license to enter the Subdivision to perform all necossary work <br /> and/or inspections deemed appropriate during said construction, and <br /> through cxpiraiion of any app;icable warranty period, <br /> d Developer shall, upon execution of this Agreement, provide the City with <br /> cash, letter of credit or other surety with the form of any non -cash surety <br /> to be satisfactory to the City in the stun of Fifty -six Thousand Six <br /> Hundred Thirty Dollars (556,630). Said figure represents 125% of the <br /> estimated cost of the Sanitary Sewer and Street Reconstruction <br /> Intprovemeats (the above figure reflects the agreement between the City <br /> and Developer to equally share the cost of reconstructing Mound Trail <br /> adjacent to the Subdivision Property). The said surety shall be a j,"mmuty <br /> to the City that said improvements will be timely completed to the City's <br /> satisfaction. The said cash, letter of creditor other surety shall be <br /> maintained continuously by the Developer until said improvements are <br /> completed to the City's satisfaction. The said cash, letter of credit or other <br /> surety for said improvement shall be released upon certification of the <br /> City Engineer that such items are satisfactorily completed pursuant to this <br /> Agreement, Periodically, as payments are made by Developer for the <br /> Completion of said improvements, and when it is reasonably prudent, <br /> Developer may request of the City that the surety be reduced for the <br /> portion thereof which 12PS been fully completed and paid, In the event that <br /> any cash, letter of credit or other surety ref=ed to herein is ever utilized <br /> and found to be deficient in amount to pay or reimburse the City as set <br /> forth herein the Developer agrees that upon being billed by the City, the <br /> Developer will pay witbin ten (10) days of the mailing of said billing, the <br /> said deficient amount. If there should be an overage in the amount of <br /> utilized security, the City will, upon making said determination, refund to <br /> the Developer any monies which the City has in its possession which aze <br /> in excess of the actual cost paid by the City. <br /> 2. Construction Administration Escrow. Prior :o the preparation of Final plans and <br /> Specifications for the construction of said improvements, the Developer shall <br /> provide to the City a cash escrow in an amount indicated in writing to provide for <br /> financing the cost of preparing said final plans and specifications by the City <br /> Engineer. Furthermore, the Developer shall also provide a cash escrow to the <br /> City in an amount indicated in writing to provide for financing the cost of <br /> inspection, staking, and construction administration by the City Engineer. <br /> 5 <br />