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Saddle Club 4th Addition Development Agreement June 10, 2019 page 10 provided through the Development Agreement for Saddle Club 3rd Addition dated August 29, 2017. Irrevocable Letter of Credit 4990252 from Crown Bank, 6600 France Avenue South, Suite 125, Edina, Minnesota, 55435. b. Trunk Fees: As provided for in Section 19b of the Saddle Club 3rd Addition Development Agreement, dated July 29, 2017, Developer shall receive a sanitary sewer trunk charge credit of $90,000 and a water trunk charge credit of $25,000, upon completion of Fox Road and the related utilities. Such credits are specified in Exhibit C. The net credit amount payable by the City is $61,208.00. Such payment shall be made upon execution of this agreement, and receipt by the City of all fees, escrows and securities provided for in herein. c. Outlots A, B and C shall be deeded to the City of Lino Lakes. d. The existing Right-of-Way, Drainage and Utility Easement recorded against the parcel shall be vacated by the City Council. 20. Hours of Construction Activity. All construction activity shall be limited to the hours as follows: Monday through Friday 7:00 a.m. to 7:00 p.m. Saturday 9:00 a.m. to 5:00 p.m. Sunday and Holidays No working hours allowed 21. Insurance. Developer or its general contractor shall take out and maintain until one year after the City accepted the Developer Improvements, public liability and property damage insurance covering personal injury, including death, and claims for property damage which may arise out of the Developer's or general contractor’s work, as the case may be, or the work of its subcontractors or by one directly or indirectly employed by any of them. Limits for bodily injury and death shall be not less than Five Hundred Thousand and no/100 ($500,000.00) Dollars for one person and One Million and no/100 ($1,000,000.00) Dollars for each occurrence; limits for property damage shall be not less than One Million and no/100 ($1,000,000.00) Dollars for each occurrence; or a combination single limit policy of Two Million and no/100 ($2,000,000.00) Dollars or more. The City, its employees, its agents and assigns shall be named as an additional insured on the policy, and the Developer or its general contractor shall file with the City a certificate evidencing coverage prior to the City signing the plat. The certificate shall provide that the City must be given ten days advance written notice of the cancellation of the insurance. The certificate may not contain any disclaimer for failure to give the required notice. 22. Developer’s Default. In the event of default by the Developer as to any of the work to be performed by it hereunder, the City may, at its option, perform the work and the Developer shall promptly reimburse the City for any expense incurred by the City,