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1998-12-07 Packet
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1998-12-07 Packet
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NOV -24' 981 H; 15!38 BARNA GUY STEFFE TEL:612 'SO 177 °. 006 <br /> e. Faithful Performance of Construction Contracts and Letter of Credit. The <br /> Developer will fully and faithfully comply with all tenor and conditions of <br /> any and all contracts entered into by the Developer for the installation and <br /> construction of all Private Improvements and hereby guarantees the <br /> workmanship and materials for a period of two years following the City's <br /> final acceptance of the Private Improvements, The Developer agrees to <br /> guaranty for a period of one year the tree plantings required as part of the <br /> Developer's Agreement Each specific tree guaranty period shall begin <br /> with the planting of each specific tree. Concurrently with the execution <br /> hereof by the Developer, the Developer will furnish to, and at all times <br /> thereafter maintain with the City, a cash deposit, certified check, or an <br /> Irrevocable Letter of Credit, based on one hundred fifty percent (150 %) of <br /> the total estimated cost of the Private ltr-provements as indicated in <br /> Paragraph Bl. The lrrovocable Letter of Credit shall be for the exclusive <br /> use and benefit of the City of Centerville and shall state thereon the same <br /> is issued to guaranty and assure performance by the Developer of all the <br /> terms and conditions of Paragraph B1 of this Development Contract, Such <br /> Lotter of Credit may be reduced upon completion and acceptance of the <br /> Private Improvements by the City to an amount deemed adequate by the <br /> City Engineer to cover the two year warranty period described herein. <br /> The City shall have the right during said warrant period to draw on the <br /> Letter of Credit for any warranty work that is necessary. The Irrevocable <br /> Letter of Credit shall be renewed or replaced by not later than iwenty (20) <br /> days prior to its expiration with a like letter or bond. <br /> f. Reduction of Escrow Guaranty. The Developer may request a reduction <br /> of the Letter of Credit or cash deposit based on prepayment or the value of <br /> the completed Private Improvements at the time of the requested <br /> redcctiom The amount of reduction will be determined by the CiCy and <br /> such recommendation will be submitted to the City Council for action. <br /> Q. Approval of Contractors. Any contractor selected by the Developer to <br /> construct and 'install any Private Improvements must be determined in <br /> writing by the City Engineer to be acceptable. The City reserves the right <br /> to require satisfactory proof of successful experience and adequate <br /> financial Status by any such contractor. <br /> C. SANITARY SEWER AND STREET RECONSTRUCTION IMPROVEMENTS in <br /> accordance with the policies and ordinances of the City, the following described <br /> improvements (hereinafter collectively called the "Sanitary Sewer and Street <br /> Reconsiruction Improvements "), include improvements as described by the plans, <br /> specifications, and contract documents prepared by the City Engineer and adopted and <br /> approved by the City Council. Said improvements shall be constructed and installed by <br /> the Developer to serve the Subdivision on the terms and conditions according to <br /> 4 <br />
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