07-26-1995 Council Agenda - Laserfiche WebLink

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Exhibit "B ". All monies deposited pursuant to Exhibit "B" shall be applied to the deposit requirement under Paragraph #11 above. c. All plat monuments originally set which are removed or disturbed during development shall be replaced after the completion of construction activities or no later than August 1, 1996. d. Entrance signage for the development shall be in accordance with City ordinance requirements. Verification of same shall be made by the City's Planner. e. 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 will result in the City undertaking this work with costs subject to reimbursement by the Developer pursuant to Paragraph #11. f. Future residents 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 -seven Thousand Five Hundred and No /100 Dollars ($167,500.00) 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 the first lift of bituminous is completed and approved, or September 30, 1995 whichever is later. 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 -6- Page 65