08-13-1997 Council Agenda - Laserfiche WebLink

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December 31, 1998. 16. Letter of Credit. The Developer shall furnish the City with a Developer's Bond in an approved format in the amount of Seven Hundred Twenty -three Thousand and No /100 Dollars ($723,000.00) prior to the commencement of construction of improvements to guarantee their completion. Said Bond shall be immediately available for the City's use to complete part or all of the construction in a timely and satisfactory manner, as determined by the sole discretion of the City. It shall remain in full force and effect until completion and acceptance of the project based on the sole determination of the City. 17. Warranty. The Developer warrants all work required to be performed against poor material and faulty workmanship for a period of one (1) year after its final completion and approval by the City. All landscaping including, but not limited to, trees, shrubs, grass seed and sod, shall be warranted to be alive, of good quality and disease free for twelve (12) months from the time of planting. Any replacements shall be warranted to be alive, of good quality and disease free for twelve (12) months from the time of planting. The Developer shall post maintenance bonds or other security acceptable to the City to secure the warranties. 18. Miscellaneous. a. This Agreement shall be binding upon the parties, there heirs, successors or assigns, as the case may be. The Developer may not assign this Agreement without the written permission of the City. b. Breach of the terms of this Agreement by the Developer shall be grounds for denial of the issuance of any building permit or rescission of any building permit. c. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Agreement is for any reason held invalid, such decision shall not affect the validity of the remaining portions of this Page 23