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124 G. Security. To guarantee compliance with the terms of this Agreement, payment of the costs 125 of all public improvements and construction of all public improvements, the College shall 126 furnish an irrevocable letter of credit for $,85,,350 in a form to be approved by the City. The 127 amount of the letter of credit is 125% of the engineer's estimated cost. 128 1. Reduction of Security. Upon completion of required improvements as identified herein 129 and acceptance by the City, the City Engineer may reduce the amount of the security for 130 the completed improvements provided the following conditions are met.- 131 a) The College's engineer certifies that the improvements have been constructed to City 132 standards. 133 b) The College's contractor provides documentation that they and their subcontractors 134 have been paid in full for the work completed. 135 c) In no case shall the total remaining security be equal to less than 125% of the 136 estimated remaining costs of the incomplete improvements. 137 2. Release of Security. This Agreement shall run with the land and may be recorded against 138 the title to the property. After the work described in this Agreement has been completed, 139 the College may request that the City accept the public improvements. This is 140 accomplished through a City Council resolution provided the following conditions are 141 met.* 142 a) As-�built Survey. The College shall provide an as-built survey upon completion of 143 the public improvements described in Paragraph A in reproducible and digital 144 (AutoCAD) format. The locations and elevations of sewer and water services shall be 145 accurately shown on these record plans. 146 b) Warranty. The College warranties all work required to be performed by it against 147 poor material and faulty workmanship for a period of two (2) years after its completion 148 and acceptance by the City. All trees, grass and sod shall be warranted to be alive, of 149 good quality and disease free for twelve (12) months after planting. The College shall 150 post maintenance bonds or other security acceptable to the City to secure the warranties 151 described herein. 152 c) Certification. The College's engineer submits a letter certifying that the 153 improvements have been constructed to City Standards and requests that the City accept 154 the improvements. 155 d) Payment. The College's contractor provides documentation that they and their 156 subcontractors have been paid in full for the work completed. 157 H. Ownership of Improvements. Upon completion and City acceptance of the work and 158 construction required by this Agreement, all improvements lying within public rights-of-way 159 and easements shall become City property without further notice or action, including the 160 additional right of way as shown on Exhibit A. 161 I. Utility Company Improvements. The utility improvements may include underground gas, 162 electric,, and telephone service as installed by the appropriate utility company at the direction 163 of the College. The College shall arrange for the installation of underground gas, electric, 164 telephone and cable television before the final lift is started. Page 4 of 10