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<br />., <br /> <br />.. <br /> <br />It is further agreed that as the Developer finishes portions of the improvements, upon proof of <br />payment, mechanics lien waivers, and written acceptance by the City Engineer, then the <br />guarantee or letter of credit provided can be reduced to 150% of the remaining project cost; <br />provided that the guarantee shaH never be less than 50% of the estimated cost. The 25% <br />guarantee shall be retained for the duration of the Warranty period. <br /> <br />Unless the City consents to an earlier date of expiration, this Letter of Credit wiH expire <br />automatically on October 28, 2006. <br /> <br /> <br />T7"'- <br /> <br />Douglas S. Wynveen <br />President <br />