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RCA Attachment E 1 2 Release of Security. This Agreement shall run with the land and may be recorded against 3 the title to the Property. After the work described in this Agreement has been completed, 4 the Developer may request that the City accept the Public Improvements. This is 5 accomplished through a City Council resolution provided the following conditions are 6 met: 7 As-built Survey. The Developer shall provide an as-built survey upon completion of the 8 Public Improvements described in Paragraph C in reproducible and digital (AutoCAD) 9 format. The locations and elevations of sewer and water services shall be accurately 10 shown on the survey. 11 Certification. The DeveloperÓs engineer submits a letter certifying that the Public 12 Improvements have been constructed to City standards in accordance with the Plans and 13 requests that the City accept the Public Improvements. 14 Payment. The Developer provides documentation that its contractors and their 15 subcontractors and suppliers have been paid in full for the work completed and the 16 materials supplied. 17 Determination of Completion. The City Engineer and the City Council have 18 determined that all Public Improvements have been completed in accordance with the 19 Plans, specifications and terms of this Agreement. 20 The date of City acceptance of the Public Improvements shall be the date of the City Council 21 resolution accepting the Public Improvements. 22 In the event that a Letter of Credit is given as the Financial Security, the term of any Letter of 23 Credit provided by the Developer must be at least one year. Notwithstanding anything to the 24 contrary contained herein, in the event that: i) some or all of the Public Improvements have not 25 been completed and accepted by the City before the expiration date of the Letter of Credit, ii) 26 the City has been notified that the Letter of Credit is not being extended for another term of at 27 least one year, and iii) no replacement Letter of Credit satisfactory to the City has been 28 delivered to the City, the City shall have the right to draw on the full amount of the Letter of 29 Credit at any time prior to the expiration of the Letter of Credit. In the event of such draw on 30 the Letter of Credit, the City shall have the right to use the amount drawn to complete any 31 unfinished Public Improvements, perform any unperformed obligations of the Developer, pay 32 the costs to draw on the Letter of Credit and/or pay any costs to enforce this Agreement. The 33 Letter of Credit shall allow partial draws and shall provide that a draw can be made on the 34 Letter of Credit at a location which is in or within 30 miles of the City of Roseville. 35 K. Ownership of Improvements and Risk of Loss. Upon completion and City acceptance of the 36 Public Improvements, all Public Improvements lying within public rights-of-way and easements 37 shall become City property without further notice or action, except as follows: storm sewer. The 38 Developer shall be responsible for the risk of loss of all Public Improvements constructed by the 39 Developer until ownership thereof passes to the City. Any damage or destruction, in whole or in 40 part, to any Public Improvement constructed by the Developer shall be repaired and/or replaced by 41 the Developer until ownership of such Public Improvement passes to the City. The following special 42 requirements shall apply with respect to the maintenance of Public Improvements which have been 43 completed and accepted by the City: None. Page 5 of 14 Page 5 of 14