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shall be subject to the Agreement Between Owner /Applicant and City of <br />Little Canada as to Costs, dated July 28, 1993, between Carl G. <br />Swanson and the City of Little Canada, attached and incorporated <br />herein as Exhibit C. All monies deposited pursuant to Exhibit C <br />shall be applied to the deposit requirement under Paragraph No. 9 <br />above. All plat monuments originally set which are removed or <br />disturbed during development shall be replaced after the completion <br />of construction activities or no later than August 31, 1995. <br />15. Letter of Credit. The Developers shall furnish the City <br />with an Irrevocable Letter of Credit from an approved lending <br />institution in the amount of One Hundred Forty -five Thousand and <br />No /100 Dollars ($145,000.00) prior to the commencement of <br />construction to guarantee the completion of the public improvement. <br />Said Letter of Credit shall be immediately available for the City's <br />use to complete part or all of the construction project in the event <br />that the improvement is not completed in a timely and satisfactory <br />manner, as determined by the sole discretion of the City. The Letter <br />of Credit can be reduced to Thirty Thousand and No /100 Dollars <br />($30,000.00), after the first lift of bituminous is completed, or <br />June 30, 1994, whichever is later. <br />16. Miscellaneous. <br />A. This Agreement shall be binding upon the parties, their <br />heirs, successors or assigns, as the case may be. <br />B. Breach of the terms of this Agreement by the Developers <br />shall be grounds for denial of the issuance of any building permit or <br />revocation of any building permit. <br />C. If any portion, section, subsection, sentence, clause, <br />paragraph, or phrase of this Agreement is for any reason held to be <br />-6- <br />Page 65 <br />