Laserfiche WebLink
<br />proceeds shall be used to cure the default or held until the Developer has completed the Public <br /> <br /> <br />Improvements. Upon receipt of proof to the City that work has been satisfactorily completed and <br /> <br /> <br />financial obligations to the City and Developer's contractors have been satisfied, with City approval <br /> <br /> <br />the Security may be reduced from time to time by ninety percent (90%) of the financial obligations <br /> <br /> <br />that have been satisfied. Ten percent (10%) of the Security shall be retained until all Public <br /> <br /> <br />Improvements have been completed, all financial obligations to the City satisfied, and the required <br /> <br /> <br />"as constructed" plans have been received by the City. The City must approve or deny a request for <br /> <br /> <br />reduction in the Security within twenty-one (21) days after receipt of proof satisfactory to the City <br />as provided above. <br />17. CLAIMS. In the event that the City receives claims from laborers, materialmen, <br /> <br />or others that work required by this Agreement has been performed, the sums due them have not <br /> <br />been paid, and the laborers, materialmen, or others are seeking payment from the City, such <br /> <br />claims will be forwarded to developer who shall promptly process the claims and make sure that <br /> <br /> <br />all valid claims are paid. Developer agrees to indemnify and hold City harmless in the event that <br /> <br /> <br />the City receives claims from (and uses reasonable diligence to authenticate said claims) labor, <br /> <br /> <br />materialmen, or others indicating that work required by this Contract has been performed, the <br /> <br />sums due them have not been paid, and the laborers, materialmen, or others are seeking payment <br /> <br />from the City. <br /> <br /> <br />18. SPECIAL PROVISIONS. The following special provisions shall apply to plat <br /> <br /> <br />development: <br /> <br />a. Park Dedication. Before the City signs the final Plat, the Developer shall: <br /> <br /> <br />(I) Make a cash contribution of $84,000.00 in lieu of land dedication. <br /> <br /> <br />During plat development, the Developer shall: <br /> <br />Q:\Agreements\Pheasant Marsh 3\Pheasant Marsh 3rd Addition V15.doc <br /> <br />Page 10 <br />