2022-05-25 CC Packet - Laserfiche WebLink

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19.SECURITY. The amount of the Security is calculated as shown in Exhibit D. These calculations are for historical reference and are not a restriction on the use of the Security. Security shall be calculated in an amount for features as set forth in Code Chapter of 153, and “Site Security” as otherwise specified in this Agreement. The Security shall be for a term ending November 30, 2023, and automatically renewing annually thereafter unless notice of termination is provided to the City at least seventy-five (75) 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. The City may make a claim against the Security, with a written notice and thirty (30) day right to cure by the Owner, 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 thirty (30) days or upon discovery that the Security will not automatically renew (if such discovery is on or after the date that is thirty (30) days prior to expiration of the Security). If the required Public Improvements are not completed at least thirty (30) days prior to the expiration of the Security, the City may draw upon the Security. If the Security is drawn down, the proceeds shall be used to cure the default of this Agreement or held until the Owner has completed the Public Improvements. Upon the City’s receipt of proof to the City that Public Improvements and Owner’s obligations under this Agreement have been satisfactorily completed, financial obligations to the City and Owner’s contractors have been satisfied, and the required “as built” plans have been received by the City, the Security for the Public Improvements may be reduced from time to time pursuant to City policy regarding Security reductions. DEVELOPMENT & SUBDIVISION AGREEMENT CENTERVILLE AND BANJO Draft Version 05/20/2022v3 – for Council Packet- Page 11