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Saddle Club Second Addition Development Agreement April 2016 8. City Improvements. No city improvements are proposed to be constructed for this subdivision. 9. Record Drawings. a. Upon project completion, Developer shall submit record drawings, in electronic format, of all public and private infrastructure improvements, including roads, sanitary sewer, watermain, storm sewer facilities, and grading, constructed by Developer. The files shall be drawn in Anoka County NAD 83 Coordinate system and provided in both AutoCad .dwg and Adobe .pdf file formats. The plans shall include accurate locations, dimensions, elevations, grades, slopes and all other pertinent information concerning the complete work. b. A summary of the record plan attribute data for the storm sewer, water main, and sanitary sewer structures and pipes shall be submitted in the form of an Excel Spreadsheet provided by the City Engineer. c. No securities will be fully released until all record drawings have been submitted and accepted by the City Engineer. 10. Faithful Performance of Construction Contracts and Security. a. The Developer will fully and faithfully comply with all terms and conditions of any and all contracts entered into by the Developer for the installation and construction of all Developer Improvements. Concurrent with the execution hereof by the Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash deposit, certified check, or Irrevocable Letter of Credit, based on one hundred fifty (150%) percent of the total estimated cost of Developer's Improvements. b. Irrevocable Letter of Credit. If an Irrevocable Letter of Credit is utilized, it shall be for the exclusive use and benefit of the City of Lino Lakes and shall state that it is issued to guarantee and assure performance by the Developer of all the terms and conditions of this Development Agreement and construction of all required improvements referenced therein in accordance with the ordinances and specifications of the City. The letter shall be in a form, and from a bank, as approved by the City. The City reserves the right to draw, in whole or in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this agreement. The Irrevocable Letter of Credit shall be automatically extended for additional periods of one year from present or future expiration dates. The Irrevocable Letter of Credit may not be terminated without the City's written consent. page 4