2021-09-22 CC Packet - Laserfiche WebLink

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19.SECURITY.The amount of the Security(bond)iscalculated as shown in Exhibit D. These calculations are for historical reference, and are not a restriction on the use of the Security. Security shall be calculated in an amount for features as set forth in Code Chapter of 153. The Security shall be for a term ending 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.The notice given must comply withthe 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 maymake a bond claim against theSecurity, 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 orif 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) daysor 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 Citymay also make a bond claim. If a bond claim is paidthe proceeds shall be used to cure the default or held until the Developer has completed the Improvements. The Security may be reduced from time to timepursuant to City policy regarding Security reductions. Upon receipt of proof to the City that work has been satisfactorily completed,financial and built plans have been received by the City,the Security may be reduced from time to timepursuant to City policyregarding Security reductions. The terms and conditions set forth in the Section are separate and distinct from security obligations to warranty improvements set forth elsewhere in this agreement. Version 09/17/2021 Page 11