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1 extension of time to the City. If an extension is granted, it shall be conditioned upon updating the 2 security posted by the Developer to reflect cost increases and the extended completion date. 3 G. Inspection. The Developer shall provide the services of a Residential Project Representative and 4 assistants at the site to provide continuous observation of the work to be performed and 5 improvements to be constructed under this Agreement. 6 1. The Developer shall provide the City Engineer a minimum of one business day notice 7 prior to the commencement of the underground pipe laying and service connection; and � prior to subgrade, gravel base and bituminous surface construction. 9 2. Developer's failure to comply with the terms of this section shall permit the City 10 Engineer to issue a stop work order which may result in a rejection of the work and l 1 which shall obligate the Developer to take all reasonable steps, as directed by the City 12 Engineer to ensure that the improvements are constructed and inspected pursuant to the 13 terms of this Agreement; and shall further result in the assessment of a penalty upon the 14 occurrence of each such failure to comply, in an amount equal to 1°/o, of the amount of 15 the security required for the Phase II Public Improvements, which penalty the Developer 16 agrees to pay upon demand. 17 H. Engineering Coordination. A City Engineering Coardinator shall be assigned to this project to 18 provide further protection for the City against defects and deficiencies in the work and 19 improvements through the observations of the work in progress and field checics of materials and 20 equipment. However, the furnishing of such engineering coordination will not make the City 21 responsible for construction means, methods, techniques, sequences or procedures or for the safety 22 precautions or programs, or for the Developer's failure to perform its work in accordance with the 23 Plans. The Developer is obligated to pay the City for City inspection services an amount equal to 4% 24 of the cost of the Phase II Public Improvements, which amount is $5,338.00. This amount shall be 25 paid upon or prior to the execution of this Agreement. 26 L Security. To guarantee compliance with the terms of this Agreement, payment of the costs of all 27 Phase II Public Improvements and construction of all Phase II Public Improvements, the Developer 2s shall furnish an irrevocable letter of credit for $166,638.00 in a form to be approved by the City (the 29 "Letter of Credit") upon ar prior to the execution of this Agreement by the City. The amount of the 30 Letter of Credit is 125% of the cost to construct the Phase II Public Improvements. The City shall 31 have the right to draw on the Letter of Credit in the event that the Developer fails to perform or 32 fulfill any of its obligations under this Agreement. 33 1. Reduction of Security. Periodically upon the Developer's written request, the City 34 Engineer may reduce the amount of the Letter of Credit for the completed Phase II Public 35 Improvements provided the following conditions are met: 36 a) The Developer's engineer certifies that the Phase II Public Improvements have been 37 constructed to City Standards in accordance with the Plans. 38 b) The Developer provides documentation that its contractors and all subcontractors and 39 suppliers have been paid in full far the work completed and materials supplied. 4o c) The City Engineer determines that such Phase II Public Improvements have been 41 fully completed in accordance with the Plans, specifications and provisions of this 42 Agreement. Page 3 of 15