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Attachment J I amount of the Letter of Credit be less than the greater of (i) 25% of the original amount of 2 the Letter of Credit,, or (ii) 125% of the estimated cost of the Public Improvements which 3 have not been completed as determined by the City Engineer. 4 5 2. Release of Security. After the work described in this Agreement has been completed, 6 the Developer may request that the City accept the Public Improvements. This is 7 accomplished through a City Council resolution provided the following conditions are 8 met.* 9 a) As-�built Survey. The Developer shall provide an as-built survey upon completion of 10 the Public Improvements described in Paragraph C in reproducible and digital 11 (AutoCAD) format. The locations and elevations of sewer and water services shall be 12 accurately shown on the survey. 13 b) Certification. The Developer's engineer submits a letter certifying that the 14 improvements have been constructed to City Standards in accordance with the Plans and 15 requests that the City accept the improvements. 16 c) Payment. The Developer provides documentation that its contractors,, subcontractors 17 and material suppliers have been paid in full for the work completed. 18 d) Determination of Completion. The City :engineer and the City Council have 19 determined that all Public Improvements have been completed in accordance with the 20 City approved Plans and terms of this Agreement. 21 The date of City acceptance of the Public Improvements shall be the date of the City Council 22 resolution accepting the Public Improvements 23 The term of the Letter of Credit provided by the Developer must be at least one year. 24 Notwithstanding anything to the contrary contained herein, in the event that.- i) some or all of 25 the Public Improvements have not been completed and accepted by the City, ii) the City has 26 been notified that the Letter of Credit is not being extended for another term of at least one 27 year, and iii) no replacement Letter of Credit satisfactory to the City has been delivered to the 28 City, the City shall have the right to draw on the full amount of the Letter of Credit at any 29 time prior to the expiration of the Letter of Credit. In the event of such draw on the Letter of 30 Credit, the City shall have the right to use the amount drawn to complete any unfinished 31 Public Improvements, perform any unperformed obligations of the Developer, pay the costs 32 to draw on the Letter of Credit and pay any costs incurred to enforce this Agreement. 33 J. Ownership of Improvements and Risk of Loss. Upon completion and City acceptance of the 34 Public Improvements, all Public Improvements lying within public rights-of-way and easements, 35 shall become City property without further notice or action. The Developer shall be responsible for 36 the risk of loss of all Public Improvements constructed by the Developer until ownership thereof 37 passes to the City. Any damage or destruction, in whole or in part, to any Public Improvement 38 constructed by the Developer shall be repaired and/or replaced by the Developer until ownership of 39 such Public Improvement passes to the City. 40 K. Warranty. The Developer shall install and construct the Public Improvements in accordance with 41 the terms and conditions of this Agreement. The Developer warrants the Public Improvements and 42 all work required to be performed by the Developer hereunder against poor material and faulty 43 workmanship for a period of two (2) years after its completion and acceptance by the City. The Page 6 of 15