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In the event that a Letter of Credit is given as the Financial Security the term of any Letter of 1 Credit provided by the Developer must be at least one year. Notwithstanding anything to the 2 contrary contained herein, in the event that: i) some or all of the Public Improvements have 3 not been completed and accepted by the City before the expiration date of the Letter of 4 Credit, ii) the City has been notified that the Letter of Credit is not being extended for 5 another term of at least one year, and iii) no replacement Letter of Credit satisfactory to the 6 City has been delivered to the City, the City shall have the right to draw on the full amount of 7 the Letter of Credit at any time prior to the expiration of the Letter of Credit. In the event of 8 such draw on the Letter of Credit, the City shall have the right to use the amount drawn to 9 complete any unfinished Public Improvements, perform any unperformed obligations of the 10 Developer, paythe costs to draw on the Letter of Credit and/or pay any costs to enforce this 11 Agreement. The Letter of Credit shall allow Partial Draws and shall provide that a draw can 12 be made on the Letter of Credit at a location which is in or within 30 miles of theCity of 13 Roseville. 14 Ownership of Improvements and Risk of Loss J.. Upon completion and City acceptance of the 15 Public Improvements, all Public Improvements lying within public rights-of-way and easements 16 shall become City property without further notice or action, except as follows: None. The Developer 17 shall be responsible for the risk of loss of all Public Improvements constructed by the Developer 18 until ownership thereof passes to the City. Any damage or destruction, in whole or in part, to any 19 Public Improvement constructed by the Developer shall be repaired and/or replaced by the 20 Developer until ownership of such Public Improvement passes to the City. The following special 21 requirements shall apply with respect to the maintenance of Public Improvements which have been 22 completed and accepted by the City: The maintenance of the sidewalk shall be the Developer’s 23 responsibility per city ordinance. 24 Warranty. K.The Developer shall install and construct the Public Improvements in accordance with 25 the terms and conditions of this Agreement. The Developer warrants the Public Improvements and 26 all work required to be performed by the Developer hereunder against poor material and faulty 27 workmanship for a period of two (2) years after its completion and acceptance by the City. The 28 Developer shall repair or replace as directed by the City and at the Developer’s sole cost and 29 expense: (i) any and all faulty work, (ii) any and all poor quality and/or defective materials, and (iii) 30 any and all trees, plantings, grass and/or sod which are dead, are not of good quality and/or are 31 diseased, as determined in the sole but reasonable opinion of the City or its Engineer, provided the 32 City or its Engineer gives notice of such defect to Developer with respect to such items on or before 33 60 days following the expiration of the two year warranty period. The Developer shall post 34 maintenance bonds or other security acceptable to the City to secure the warranties described herein, 35 which bonds or other security shall be in addition to the Financial Security described herein. 36 License L..The Developer hereby grants the City, its agents, employees, officers and contractors a 37 license to enter the Property to perform all work and inspections deemed appropriate by the City 38 during the installation of the Public Improvements. This license shall expire after the Property has 39 been completely developed and all of the Public Improvements have been accepted by the City. 40 Construction Management. M. The Developer and its contractors and subcontractors shall minimize 41 impacts from construction on the surrounding neighborhood as follows: 42 1.Definition of Construction Area. The limits of the Project Area shall be defined with 43 heavy-duty erosion control fencing approved by the City Engineer. Any grading, 44 Page 6 of15