10-08-2003 Additions - Laserfiche WebLink

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XXXX Edgerton Street Development Contract Finance 8. As financial security, Developer shall furnish the City with a Developer's Bond or Letter of Credit in an approved format in an amount of Fifteen Thousand Dollars ($15,000) to guarantee compliance with the terms of this agreement. Said surety shall remain in full force and effect until completion and acceptance of the Required Improvements based on the sole determination of City. 9. The Developer agrees that the terms of the financial security shall be deemed to have been violated if the Developer fails to perform any of the terms of this Contract in the manner required by the City. Determination of a violation of the terms of the Contract shall be in the sole discretion of the City. The financial security shall be immediately available for use by the City to complete part or all of the Required Improvements in the event this agreement is breached or the Required Improvements are not completed in an acceptable or timely manner, as determined in the sole discretion of the City. The City shall have the right to enter upon the property to inspect work or complete all or a portion of the Required Improvements as necessary. In the event the City does any such work, the City may, in addition to its other remedies, assess its costs in whole or in part. 10. Developer or their agents or assigns, shall keep the public streets clear of any soil, earth or debris resulting from work done by Developer or their agents or assigns. Any such materials must be promptly removed and in no event shall they be present more than 24 hours after placement. Failure to comply with this provision will result in the City undertaking this work with costs to be reimbursed by Developer pursuant to Paragraph #XX. Required Improvements 11. The Required Improvements are depicted on Exhibit B attached hereto and include the following: I. Construction of an addition to Structure A, subject to compliance with City Zoning Ordinances and the issuance of a building permit by City.