2018-10-24 CC Packet - Laserfiche WebLink

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Before the City signs the final Plat, Developer must pay or satisfy all of these costs, and any other unpaid governmental fees, assessments, judgments or real estate taxes, plus any penalty and interest. 19. SECURITY. To guarantee compliance with all of the terms of this Agreement, including payment of real estate taxes, including interest and penalties, payment of Administration Costs, Construction Costs, payment of the costs of all Improvements, construction of all Improvements, and payment to remediate any nuisances created by this Development (including compliance with governmental audits or litigation related to the Developer), the Developer shall furnish the City with a Letter of Credit in the form attached hereto as Exhibits B, from a bank or other financial institution acceptable to the City ("Security") in the amount of 150% of the Improvement and Construction Costs. The amount of the Security is calculated as shown in Exhibit D. These calculations are for historical reference, and are not a restriction on the use of the Security. The Security shall be for a term ending November 30, 2022, and automatically renewing thereafter unless notice of termination is provided to the City at least forty-five(45) days prior to the end of the term or any renewal date. The notice given must comply with the formal Notice provisions of this agreement. Individual security instruments may be for shorter terms provided they are replaced at least thirty (30) days prior to their expiration. The City may draw down the Security, with a written seven (7) day notice and seven (7) day right to cure by the Developer, for any violation of the terms of this Agreement or if the Security is to be allowed to lapse prior to the end of the required term or any renewal term. The notice and right to cure provisions shall be void if the Security will expire in less than seven (7) days or upon discovery that the Security will not automatically renew. If the required Improvements are not completed at least thirty (30) days prior to the expiration of the Security, the City may also draw it down. If the Security is drawn down, the proceeds shall be used to cure the default or held until the Developer has completed the Improvements. Upon receipt of proof to the City that work has been satisfactorily completed and Version for Council Packet - 10/19/2018 Page 10 76