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2022-05-25 CC Packet
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2022-05-25 CC Packet
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19.SECURITY. The amount of the Security is calculated as shown in Exhibit D. These <br />calculations are for historical reference and are not a restriction on the use of the Security. Security <br />shall be calculated in an amount for features as set forth in Code Chapter of 153, and “Site Security” <br />as otherwise specified in this Agreement. <br />The Security shall be for a term ending November 30, 2023, and automatically renewing <br />annually thereafter unless notice of termination is provided to the City at least seventy-five (75) days <br />prior to the end of the term or any renewal date. The notice given must comply with the formal Notice <br />provisions of this Agreement. <br />The City may make a claim against the Security, with a written notice and thirty (30) day right <br />to cure by the Owner, for any violation of the terms of this Agreement or if the Security is to be <br />allowed to lapse prior to the end of the required term or any renewal term. The notice and right to cure <br />provisions shall be void if the Security will expire in less than thirty (30) days or upon discovery that <br />the Security will not automatically renew (if such discovery is on or after the date that is thirty (30) <br />days prior to expiration of the Security). <br />If the required Public Improvements are not completed at least thirty (30) days prior to the <br />expiration of the Security, the City may draw upon the Security. If the Security is drawn down, the <br />proceeds shall be used to cure the default of this Agreement or held until the Owner has completed <br />the Public Improvements. <br />Upon the City’s receipt of proof to the City that Public Improvements and Owner’s obligations <br />under this Agreement have been satisfactorily completed, financial obligations to the City and <br />Owner’s contractors have been satisfied, and the required “as built” plans have been received by the <br />City, the Security for the Public Improvements may be reduced from time to time pursuant to City <br />policy regarding Security reductions. <br />DEVELOPMENT & SUBDIVISION AGREEMENT <br />CENTERVILLE AND BANJO <br />Draft Version 05/20/2022v3 – for Council Packet- Page 11 <br /> <br />
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