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1 been completed and accepted by the Citybefore the expiration date of the Letter of Credit, ii) 2 the City has been notified that the Letter of Credit is not being extended for another term of at 3 least one year, and iii) no replacement Letter of Credit satisfactory to the City has been 4 delivered to the City, the City shall have the right to draw on the full amount of the Letter of 5 Credit at any time prior to the expiration of the Letter of Credit. In the event of such draw on 6 the Letter of Credit, the City shall have the right to use the amount drawn to complete any 7 unfinished Public Improvements, perform any unperformed obligations of the Developer, pay 8 the costs to draw on the Letter of Credit and/or pay any costs to enforce this Agreement. The 9 Letter of Credit shall allow Partial Draws and shall provide that a draw can be made on the 10 Letter of Credit at a location which is in or within 30 miles of the City of Roseville. 11 K. Ownership of Improvements and Risk of Loss.Upon completion and City acceptance of the 12 Public Improvements, all Public Improvements lying within public rights-of-way and easements 13 shall become City property without further notice or action, except as follows: Streets and storm 14 sewer. The Developer shall be responsible for the risk of loss of all Public Improvements 15 constructed by the Developer until ownership thereof passes to the City. Any damage or destruction, 16 in whole or in part, to any Public Improvement constructed by the Developer shall be repaired and/or 17 replaced by the Developer until ownership of such Public Improvement passes to the City. The 18 following special requirements shall apply with respect to the maintenance of Public Improvements 19 which have been completed and accepted by the City: None. 20 L.Warranty. The Developer shall install and construct the Public Improvements in accordance with 21 the terms and conditions of this Agreement. The Developer warrants the Public Improvements and 22 all work required to be performed by the Developer hereunder against poor material and faulty 23 workmanship for a period of one (1) year after its completion and acceptance by the City. The 24 Developer shall repair or replace as directed by the City and at the Developer’s sole cost and 25 expense: (i) any and all faulty work, (ii) any and all poor quality and/or defective materials, and (iii) 26 any and all trees, plantings, grass and/or sod which are dead, are not of good quality and/or are 27 diseased, as determined in the sole but reasonable opinion of the City or its Engineer, provided the 28 City or its Engineer gives notice of such defect to Developer with respect to such items on or before 29 60 days following the expiration of the two year warranty period. The Developer shall post 30 maintenance bonds or other security acceptable to the City to secure the warranties described herein, 31 which bonds or other security shall be in addition to the Financial Security described herein. 32 M.Utility Company Improvements. The utility improvements include underground gas, electric, and 33 telephone service as installed by the appropriate utility company at the direction of the Developer. 34 The Developer shall arrange for the installation of underground gas, electric, telephone and cable 35 television before the final lift is started. 36 N. License. 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 O. Building Permits. In order to provide emergency vehicle access, a passable Class 5 road base must 41 be extended to within 150 feet of any address seeking a building permit. Breach of the terms of this 42 Agreement by the Developer shall be grounds for denial of building permits, including lots sold to 43 third parties. 44 P. Land Occupancy. No certificate of occupancy shall be issued until: Page 5 of 14