09-25-1996 Council Agenda - Laserfiche WebLink

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f. Developer, or its agents or assigns, shall promptly clear from public streets and property any soil, earth or debris resulting from construction work done by the Developer or its agents or assigns respectively. Failure to do so within 24 hours verbal notice by the City will result in the City undertaking this work with costs subject to reimbursement by the Developer pursuant to Paragraph #11. g. Future occupants of the plat shall not be deemed to be third -party beneficiaries of this Agreement. 16. Letter of Credit. The Developer shall furnish the City with an Irrevocable Letter of Credit from an approved lending institution in the amount of One Hundred Sixty -three Thousand Nine Hundred and No /100 Dollars ($163,900.00) prior to the commencement of construction of improvements to guarantee their completion. Said Letter of Credit 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. The Letter of Credit can be reduced to Twenty -five Thousand and No /100 Dollars ($25,000.00), after utilities and the first lift of bituminous have been completed and approved. 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 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 -7- Page 134