08-28-2013 Council Agenda - Laserfiche WebLink

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Developer's completion of all of the Required Improvements, compliance with this Agreement, and compliance with the terms and conditions of approval of the Pinetree Pond Plat as delineated by City Resolution Number 2013 -4 -64 and any City resolution associated with final plat approval granted on April 24, 2013. Said surety shall be immediately available for City's use to complete part or all of the construction in a timely and satisfactory manner, as determined in the sole discretion of City. Said surety shall remain in full force and effect until completion and acceptance of the Required Improvements based on the sole determination of City. The City may, at City's sole discretion, elect to treat the Developer's Equity Contribution as set forth on Exhibit B attached hereto as financial security in lieu of the Letter of Credit. As set forth above, the Developer is entitled to credit against Release Prices for the Equity Contribution set out on Exhibit B attached hereto. If at any time the balance of the Equity Contribution is less than 125% of the Developer Improvements, the Developer shall upon written notice from the City immediately post a Letter of Credit equal to the difference between 125% of the Development Improvements and the remaining balance of the Equity Contribution. 13. 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. 1-0 -