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14.4 EMMRGENCY: Notwithstandi'ng the requirement. contalApd .in -$salon IM <br />hereof relating :to EOIAIAL NOTICE to the DEVEL6PEIl; in case of 0 VELOPER DEFAULT <br />and notwithstanding the requirement' contained jn :Section 14:1 *hereof relating to giving the <br />.DEVELOPER a sixty (69) day period for cure the DEVELOPED DEFAULT; in.the event of an <br />emergency as deterrnined*by the CITYENGINEER, resulting from ire DEVEL4PERDEFAULT, <br />the CITY may perform the work. or improvement to be performed by the DEVEI;QPER -without: <br />giving any notice or 'FORMAL NOTICE to the DEVELOPER :and without giving the. <br />DEVELOPER the sixty (60) day period.to cure the DEVELOPER. DEFAULT.. in -such case, the <br />DEVELOPER.shal3 within thirty (3Q) days after written Billing by the CITY reimburse the CITY <br />for any and all costs: incurred by the CITY; In the-dlternative, the CITY may, in whole or in part, <br />specially assess the costs and expenses incurred by the CITY; and the:DEVELOPERand OWNER <br />hereby waive any. and all procedural and "substantive objections10 the installation and construction <br />of the work and improvements and the special assessments resulting therefroin, including; but not <br />limited to; notice and. hearing recluirements. and any clauri that. the special assessmeatg.exceed <br />benefit to the CUP. The DEVELOPER and OWNER hereby waive any appeal rights otherwise <br />available pursuant to Minnesota Statutes: section 429:08I solely with respect to such work .or <br />improvements, <br />ARTICLE 15 <br />SECURITY DEPOSIT <br />15.1 SECURITY REQUIREMENT. Prior to release. of the CUP for recording, the j <br />DEVELOPEP, shall deposit with the CITY an irrevocable letter of ctdit; cash deposit, surety bond <br />or other security acceptable to the CITY fgr the amount stated in Exhibit D5. i <br />All cost.estimates shall be ao6dptab!e to the DIRECTOR OF*CITY ENGINEER. The total ' <br />seourit.y amount was calculated as shown -on -the attached Exhibit D5: The bank and form of the <br />irrevocable letter of credit, cash deposit, or -surety bond. shall be subject 16 approval by the City <br />Finance Director -and. City Attorney and shail.eo*inue $6 be in full foree $nd.effect until released ' <br />by the CI 'Y. The irrevocable letter of credit or surety bond shall be for a term ending at the end <br />of the Warrantyperiod, u less earlier canceled b agreement of the arties. In the alternative, the i <br />p , � y . gre p i <br />letter of chit tray be for a one-year term provided it is automatically renewable far successive ; <br />-one-yeas periods from the present or arty future expiration dates, and further provided that the ' <br />..irtevooablb-'letter,of.credit..states .Wat-ofileo sixty (64) days prior to the expiration date the bank. <br />will notify the CITY thatif the bank -elects nofto-renew for an additional pe66l. The irrevocable <br />letter of credit.or.surety bond shall secure compliance by the DEVELOPER with the terms.of this. <br />DEVELOPMENT CONTRACT. The CITY may draw down on the irrevocable letter of credit,. € <br />-cash deposit, or surety bond: without any notice than that provided in Section 14... relating. s <br />to a -*DEVELOPER DEFAULT,. for any of the following reasons; <br />a.) a DEVELOPER DEFAULT; or <br />b;) upon. the CITY receiving notice. tl*-the. irrevocable letter of creditvvill be allowed. <br />to lapse before. t 2 024. <br />16 <br />