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1 d) The amount of reduction shall be equal to that portion of the Letter of Credit which <br />2 covers such completed Phase II Public Improvement(s); provided however, in no case <br />3 shall the remaining amount of the Letter of Credit be less than the greater of: (i) 25% <br />4 of the original amount of the Letter of Credit, or (ii) 125% of the estimated cost of the <br />5 Phase II Public Improvements which have not been completed as determined by the <br />6 City Engineer. <br />7 2. Release of Security. This Agreement shall run with the land and may be recorded against <br />s the title to the Property. After the work described in this Agreement has been completed, <br />9 the Developer may request that the City accept the Phase II Public Improvements. This is <br />10 accomplished through a City Council resolution provided the following conditions are <br />m <br />met: <br />12 a) As-built Survey. The Developer shall provide an as-built survey upon completion of <br />13 the Phase II Public Improvements described in Paragraph C in reproducible and <br />14 digital (AutoCAD) format. The locations and elevations of sewer and water services <br />15 shall be accurately shown on the survey. <br />16 b) Certification. The Developer's engineer submits a letter certifying that the <br />17 improvements have been constructed to City Standards in accardance with the Plans <br />1 g and requests that the City accept the improvements. <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />2s <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />c) Payment. The Developer provides documentation that its contractors and all <br />subcontractors and suppliers have been paid in full for the work completed and <br />materials supplied. <br />d) Determination of Completion. The City Engineer and the City Council have <br />determined that all Phase II Public Improvements have been completed in accordance <br />with the Plans, specifications and terms of this Agreement. <br />The date of City acceptance of the Phase II Public Improvements shall be the date of the <br />City Council resolution accepting the Phase II Public Improvements. <br />The term of the Letter of Credit provided by the Developer shall be at least one year. <br />Notwithstanding anything to the contrary contained herein, in the event that: i) some or <br />all of the Phase II Public Improvements have not been completed and accepted by the <br />City befare the expiration date of the Letter of Credit, ii) the City has been notified that <br />the Letter of Credit is not being extended for another term of at least one year, and iii) no <br />replacement Letter of Credit satisfactory to the City has been delivered to the City, the <br />City shall have the right to draw on the full amount of the Letter of Credit at any time <br />prior to the expiration of the Letter of Credit. In the event of such draw on the Letter of <br />Credit, the City shall have the right to use the amount drawn to complete any unfinished <br />Phase II Public Improvements, perform any unperformed obligations of the Developer, <br />pay the costs to draw on the Letter of Credit and pay any costs incurred to enforce this <br />Agreement. <br />41 J. Ownership of Improvements and Risk of Loss. Upon completion and City acceptance of the <br />42 Phase II Public Improvements, all Phase II Public Improvements lying within public rights-of-way <br />43 and easements shall become City property without further notice or action. The Developer shall be <br />44 responsible for the rislc of loss of all Phase II Public Improvements constructed by the Developer <br />Page 4 of 15 <br />