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<br />);(!, <br /> <br />'jl; <br /> <br />,;.' <br /> <br />cAH I;UZ\',!:;;TEF,;:: <br /> <br />., <br />i'l U ,- ~ .\ iJ <br /> <br />.\.J, <br /> <br />lmprov"mcllt3. rlle C; ty shall reserve the rIghr t(. Jerennine IT the ( J.tl <br />contracTOr clelecred by t.hz Developer L~ acceptab,~. The City resei"V"S the/lf.r:;", .11 <br />right to require satist1letory proof of successr.;l ~x'perience and adequate 0)' J <br /> <br />~::::::~:::~ :~: :::~:en notice author2lllg COllstmctiGn ~;/ <br /> <br />to start is received b)' the Developer from t.l}e City, ,/.... f ~ <br /> <br />Construction shall be completed to the stfu'1dards ".ld speciiic,ttiQus <br />described ill <.he plar45 and specificati,)us entif', l'ass lnd Adciiricn <br />Stre~-;t and UtiUty 1'ilproveme:ms. <br /> <br /> <br />'-'. <br /> <br />., <br /> <br /> <br />y, <br /> <br />S~';i.J.;drf<Jf{mpr(]ven1ent:. PdortQ thepr.;'p'~ <br />sp6l2.rfications fOi'4he cc'n::rL\""!...lction of' said' <br />provide to the City a c.aslt eSefQl,V Dr <br />indicmed in 'Nnli'-1gto provide f~)r t~ <br /> <br />lill"'1Sand <br />veloper shall <br />anarnount <br /> <br />a. <br /> <br />b. <br /> <br />herei.."I1: <br /> <br />I:', <br /> <br />con of inspectio!\, st.. <br />Engineer. <br /> <br />" whole or ju part on fiIl)' pm:tiDn of the oash <br />?eqn) Of L~ttet ot' Cred.it for the pLll.-pOSc of <br />c:J id conditio f tliis Contract. The cash escro'w or L~tte:r <br />. 'ld effect w..rcughout COl1Bw.--uct1on and tlwu' <br />" of, . rovements bv City. Tue irrevocable Letter of <br />dmdve u:;e and benefit :)f tbe City and shall-:stare then::o:n, <br />\'y and assure :perfo:rrnance, by the {)<:,vdopet of all ther <br />1:3 Deve.1oDll1ent Cc;nttac'[ and consf1-udioT'. of all <br />011;.\nts :in n.c'::Dtdat1~t' "vith tile <)rdln;mces &"Jd Sptociflcatio.us .of <br />ttet of Cr~dj.t $haU be r~I1e'wed '.~r repb{;ed by :not later ilia:n, <br />. (20) j.-' ~ prior to its explTat-inn '~'dtf1 ~ ;lke )ettp-T I};vf;;Joper ~,~_a;, 'f'\;'T.;P~~t 'j <br />~e L~tter of C.redit ;.)1' cast d~P05it bas;;;::d on the value ofth2> <br />treet and Utilily Imprc,vi~rc'.~;ti.ts at !JlC thne of-rhd requesT.ed r~dU';;.(ion. <br />unt of rsduction 'will b-,:,: detemrto.ed by tb.f~ i:hy Counci1. <br /> <br />~:2COF'..DD'i(r.'~ND RELE.'-\SE. The Developer agre25 that the terms !)ftbis <br />Deveiopntent Contract shall be a cr,n',~nam: on \:my- .:1J:\d all_property included in r11(} <br />Subd.i\;"lsion. The Deveh)f.er agrees thet the City .::hall have fu~ righ:t to n:c.orrl a G.~py of <br />t,'"1is I)e've1cnll1ent Corn.ract with t}lc.~no,k.a enUuty RecGrder/R;;:gbtrtu to .Qj"Vi; llOUC;;: m <br />. ' ~. <br />fhture purchElE.ers !mcL O'lNnen, <br /> <br />6 <br />