Laserfiche WebLink
<br />e. Faithful Performance of Construction Contracts and Letter of Credit. The <br />Developer will fulJy and faithfully comply with all terms and conditions of <br />any 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 following the City's <br />final acceptance of the Private Improvements. The Developer agrees to <br />guaranty for a period of one year the tree plantings required as part of the <br />Developer's Agreement. Each specific tree guaranty period shall begin <br />with the planting of each specific tree. Concurrently with the execution <br />hereof by the Developer, the Developer wilJ furnish to, and at alJ times <br />thereafter maintain with the City, a cash deposit, certified check, or an <br />Irrevocable Letter of Credit, based on one hundred fifty percent (150%) of <br />the total estimated cost of the Private Improvements as indicated in <br />Paragraph B 1. The Irrevocable Letter of Credit shall be for the exclusive <br />use and benefit of the City of Centerville and shall state thereon the same <br />is issued to guaranty and assure performance by the Developer of alJ the <br />terms and conditions of Paragraph B1 of this Development Contract. Such <br />Letter of Credit may be reduced upon completion and acceptance of the <br />Private Improvements by the City to an amount deemed adequate by the <br />City Engineer to cover the two year warranty period described herein. The <br />City shall have the right during said warrant period to draw on the Letter <br />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 <br />prior to its expiration with a like letter or bond. <br /> <br />f. Reduction of Escrow Guaranty. The Developer may request a reduction <br />of the Letter of Credit or cash deposit based on prepayment or the value of <br />the completed Private Improvements at the time of the requested <br />reduction. The amount of reduction wilJ be determined by the City and <br />such recommendation will be submitted to the City Council for action. <br /> <br />C. RECORDING AND RELEASE. The Developer agrees that the terms of this <br />Development Contract shalJ be a covenant on this entire project site. The Developer <br />agrees that the City shall have the right to record a copy of this Development Contract <br />with the Anoka County Recorder/Registrar to give notice to future purchasers and <br />owners. <br /> <br />D. REIMBURSEMENT OF COSTS. The Developer agrees to fulJy reimburse the City for <br />alJ costs incurred by the City including, but not limited to, the actual costs of construction <br />of said improvements, engineering fees, legal fees, inspection fees, interest costs, costs of <br />acquisition of necessary easements, if any, and any other costs incurred by the City <br />relating to this Development Contract and the installation and financing of the <br />aforementioned improvements. <br /> <br />E. OWNERSHIP OF IMPROVEMENTS. Upon completion of the work and construction <br />required by this Contract and acceptance by the City, the improvements lying within the <br />