2020-08-12 CC Packet - Laserfiche WebLink

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of the Security. Security shall be calculated in an amount for features as set forth in Code Chapter of 153. The Security for the Second Addition shall be for a term ending not later than November 30, 2023, 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, but this sentence is subject to the provisions below in this Section 13, related to reduction of Security. 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 the Agreement or this Supplement, 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 such discovery is on or after the date that is seven (7) days prior to expiration of the Security). 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. The Security instrument shall be in a form substantially similarly to those terms set forth in Exhibit B. The Security may be reduced from time to time pursuant to City policy regarding Security reductions. Upon receipt of proof to the City that work has been satisfactorily completed, financial plans have been received by the City, the Security may be reduced from time to time pursuant to City policy regarding Security reductions. A minimum amount equal to ten percent (10%) of the gross Version 8/6/2020-1 for Council packet Page 8