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... .,. , , c Clearwater Meadows Development,Agreement i~~.;.k r. period shall begin with the p~g of each specific tree. Concurrently with the execution hereofby the Developer, the Developer willfumish to, and at all times thereafter maintain with 'the City, a cash deposit, Certified check, or an Irrevocable Lett~ of Credit, based on one hundred fifty (1500.4) percent of the total e$timated cost of the DevelQ~s . ImprovementS as indicated in Paragraph lA The Irrevocable Letter of Credit shall be for the exclusive use and benefit of the City of CenterYille and shall state thereon the same is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Deve1opment.Contractand construction ofaUr.equired.improvements in accordance' with the 'ordinancefnmd specificationS 'of the City. Such Letter": . '; ";.'".' .' of Credit may be reduced upon completion' and acceptance of the Developer Improvements by the City to an amount deemed adequat~ by the City Engineer to cover the one year warranty period descn'bed herein. The City shall have the right duririg said warranty period to draw on the Letter of Credit for airy warranty work that is nOOessary. 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 oftbis 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. 8. 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 ofreducUon will be determined by the City and such recommendation will be submitted to the City Council for action. 9. Approval of Contractors. Any contractor selected by the Developer to construct and install any Developer Improvement 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. 2. CJTYlS IMPROVEMENTS In accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Improvements"), to include improvements as descn'bed by the plans, specifications and contract documents entitled Oearwater Meadows Street and Utility Improvements, as prepared by the City Engineer, MSA Consulting Engineers, and as adopted and approved . by the City Council of the City of Centervi11e. Said improvements shall be conStructed and installed by the City to serve the Subdivision on the terms and conditions according to Ordinance #8, Section 38.01 and other improvements specific to the development herein set forth: K-GDEV.WPS Page 5