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<br />{00149157 12} 14. <br />system and linked to the storm water outlet from Peltier Lake to the western boundary of the <br />property as described in Section 5.1 hereof. <br />b. Irrevocable Letter of Credit. If an Irrevocable Letter of Credit is utilized as security, it shall <br />be for the exclusive use and benefit of the City of Lino Lakes and shall state that it is issued <br />to guarantee and assure performance by the Developer of all the terms and conditions of this <br />Development Agreement or phase-specific Development Agreements and construction of all <br />required improvements referenced therein in accordance with the ordinances and <br />specifications of the City. The letter shall be in a form, and from a bank, as approved by the <br />City. The City reserves the right to draw, in whole or in part, on any portion of the <br />Irrevocable Letter of Credit for the purpose of guaranteeing the terms and conditions of this <br />Agreement or phase-specific Development Agreements. The Developer shall be provided <br />written notice and given 10 days to cure identified issues prior to a City draw on Letter of <br />Credit. The Irrevocable Letter of Credit shall be automatically extended for additional <br />periods of one year from present or future expiration dates. The Irrevocable Letter of Credit <br />may not be terminated without the City’s written consent. <br />c. Alternatively, the Developer may enter into a Public Improvement Surety Agreement, <br />subject to City approval. <br />d. Reduction of Security. The Developer may request reduction of the Letter of Credit or cash <br />deposit based on prepayment or the value of the completed improvements at the time of the <br />requested reduction. Requests for reduction may be made no more frequently than once per <br />month. Reductions shall be made within 30 days from Developer request. <br />Article VII Easements, Declarations, and Protections <br /> <br />7.1 Open Space Declaration <br /> <br />The Homeowner’s Association Covenants and Restrictions shall contain an open space <br />declaration covering the open space within the Developer’s Property and (to the extent <br />easements for such open space have been executed by Owner and, if initially placed in escrow, <br />released therefrom) Owner’s Property, which outline the legal mechanism for protection of the <br />Parks and Open Space depicted on the Parks and Open Space Plan. The intention of the open <br />space declaration is to protect the Property from any disturbance, cutting, clearing, or other work <br />that is not consistent with the Restoration and Management Plan requirements identified in <br />Exhibit F and the phase-specific Restoration and Management Plans approved by the City under <br />Section 7.2 below. <br /> <br />7.2 Open Space Easement <br /> <br /> Owner shall provide the City with a perpetual open space easement, which shall be free <br />and clear of all liens and encumbrances at the time of release of the easement from escrow and <br />recording of the same, over those areas of Outlots A, C, E, F, G, H, K, L, M, N and O as <br />identified in the approved Preliminary Plat that are to remain undisturbed by property owners. <br />Initially, such easement shall be in “blanket” form in that it will cover the entirety of the outlots <br />referenced above. However, such easement shall provide that the parties will confine the