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Main Street Shoppes <br /> Development Contract <br /> May, 2013 <br />page 7 <br />check, or Irrevocable Letter of Credit, based on on e hundred fifty <br />(150%) percent of the total estimated cost of the D eveloper’s <br />Public Improvements and thirty-five (35%) percent o f the total <br />estimated cost of Developer’s Private Improvements. The bank <br />and form of the Letter of Credit or security shall be subject to the <br />approval of the City. An Irrevocable Letter of Cre dit shall be for <br />the exclusive use and benefit of the City of Lino L akes and shall <br />state thereon that the same is issued to guarantee and assure <br />performance by the Developer of all the terms and c onditions of <br />this Development Contract and construction of all r equired <br />improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of Credit <br />for the purpose of guaranteeing the terms and condi tions of this <br />contract. The Irrevocable Letter of Credit shall b e automatically <br />extended for additional periods of one year from pr esent or future <br />expiration dates. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter o f <br />Credit, or cash deposit based on prepayment or the value of <br />the completed improvements at the time of the reque sted <br />reduction. Prior to the final acceptance of the De veloper’s <br />Improvements the City shall require a Performance B ond or <br />Cash Escrow to cover the one year warranty provisio ns of <br />the agreement. The amount shall be determined by t he City <br />Engineer. <br />III. CITY IMPROVEMENTS <br />A. There are no new City Improvements for this project . <br />IV. RECORDING AND RELEASE <br />A. The Developer agrees that the terms of this Develop ment Contract shall be a <br />covenant on any and all property included in the Su bdivision. The Developer <br />agrees that the City shall have the right to record a copy of this Development <br />Contract with the Anoka County Recorder to give not ice to future purchasers and <br />owners. This Development Contract shall be recorde d against the Subdivision <br />described on Page 1 hereof. City shall provide to Developer upon completion of <br />Developer’s private improvements, a release of such parcel from the terms and <br />conditions of this Development Contract subject to provisions contained in this <br />contract.