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<br />(- <br /> <br />and all contracts entered into by the Developer for the installation and <br />construction of all Private Improvements and hereby guarantees the <br />workmanship and materials for a period of two years foll9wing the City's fina! <br />acceptance of the Private Improvements. The Developer agrees to guaranty for <br />a period of one year.the tree plantings required as part of the Developer's <br />Agreement Each specific tree guaranty period shall begin with the planting of <br />each specific tree. Concurrendy with the execution hereof by the Developer, <br />the Developer will furnish to, and at all times thereafter maintain with the City, <br />a cash deposit, certified check, or a:rr'1rrevocable Letter of Credit, based on one <br />hundred fifty percent (150%) of the total estimated cost of the Private <br />Improvements as indicated in Paragraph B1. The Irrevocable Letter of Credit <br />shall be for the exclusive use and benefit of the City of Centerville and shall <br />state fuereon the same is issued to guaranty and assure performance by fue <br />Developer of all the terms and conditions of Paragraph BI of this Development <br />Contract. Such Letter of Credit may be reduced upQn completion and <br />acceptance of the Private Improvements by fue City to an amount deemed <br />adequate by the City Engineer to cover the two year warranty period described <br />herein. The City shall have the right during said warrant period to draw on fue <br />Letter of Credit for any warranty work that is necessary. The Irrevocable Letter <br />of Credit shall be renewed or replaced by not later than twenty (20) days prior <br />to its expiration with a like letter or bond. <br /> <br />f. <br /> <br />Reducti9n of Escrow Gruu;anty. The Developer may request a reduction of fue <br />Letter of Credit or cash deposit based on prepayment or the value of the <br />completed Private Improvements at fue time of the requested reduction. The <br />amount of reduction will be determined by fue City and such recommendation <br />will be submitted to fue City Council for action. <br /> <br />c <br /> <br />D. RECORDING AND RELEASE. The Developer agrees that the terms of this Development <br />Contract shall be a covenant on this entire project site. The Developer agrees that the City shall <br />have the.right to recorda copy of this Development Contract with the Alloka County <br />RecorderlRegistrar to give notice to filtore purchasers and owners. <br /> <br />E. REIMBURSEMENT OF COSTS. The Developer agrees to fully reimburse the City for all costs <br />incurred by the City including, but not limited to, the actual costs of construction of said <br />improvements, engineering fees, legal fees, inspection fees, interest costs, costs of acqoisition of <br />necessary easements, if any, and any other costs incurred by the City relating to this Development <br />Contract and the installation and financing offue aforementioned improvements. <br /> <br />F. OWNERSHIP OF IMPROVEMENTS. Upon completiOn offue work and construction required <br />by this Contract and acceptance by the City, the improvements lying within the public easements <br />shall become City property without further notice or action. <br /> <br />J. <br /> <br />MISCELLANEOUS PROVISIONS. <br /> <br />, ~:. <br /> <br />1. . Reimbursement of Costs for Defense. The Developer agrees to reimburse the City for all <br />. costs incurred by the City in defense of enfurcement of this Contract, or any portion <br />fuereof; including court costs and reasonable engineering and attorney's fees. <br /> <br />( <br /> <br />2. <br /> <br />Validity. If any portion, section, subsection, sentence, clause, paragraph, or phrase in <br />this Contract is for any reason held to be invalid by a court of competent jurisdiction, <br />