2021-10-13 CC Packet - Laserfiche WebLink

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Upon ten days written notice to Developer, the City may halt plat development and construction for any unpaid bills until they are paid in full, and the escrow replenished to its original amount. Bills not paid within thirty (30) days shall accrue interest at the rate of six percent (6%) per year. City may at its option draw against developer security to reimburse itself for such costs. 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. The amount of the Security (bond)in the form of a Bond is calculated as shown in Exhibit D. These calculations are for historical reference, and are not a restriction on the use of the Security.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. In addition to the Bond, additional Security, in the form a Letter of Credit in the amount of $50,000 has been negotiated by the parties. The Bond or Letter of Credit may be used interchangeably for all purposes in this Agreement. A copy of the Bond is attached as Exhibit B1. A copy of the Letter of Credit is attached as Exhibit B2. The Security shall be for a term ending November 30, 2023, and; Security in the form of a Letter of Credit shall be 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 make a bond claim against 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 Version 10/11/2021 Page 12