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b. A summary of the record plan attribute data for the storm sewer, water main, <br /> and sanitary sewer structures and pipes shall be submitted in the form of an <br /> Excel Spreadsheet as provided by the City Engineer. <br /> c. No securities will be fully released until all record drawings have been <br /> submitted and accepted by the City Engineer. <br /> V. COMPLETION DATE. <br /> If the activities authorized by site and building plan approval are not initiated <br /> within twelve(12)months from the final execution of this agreement,then <br /> Developer will need to start the site and building plan approval process from <br /> the beginning. <br /> VI. GUARANTEE. <br /> A. The Developer will fully and faithfully comply with all terms and <br /> conditions of any and all contracts entered into by the Developer. <br /> Concurrently with the execution hereof by the Developer, the Developer <br /> will furnish to, and at all times thereafter maintain with the City, a cash <br /> deposit, certified check, or Irrevocable Letter of Credit, based on thirty- <br /> five (35%)percent of the total estimated cost of Developer's On-site <br /> Work. An Irrevocable Letter of Credit shall be for the exclusive use and <br /> benefit of the City of Lino Lakes and shall state thereon that the same is <br /> issued to guarantee and assure performance by the Developer of all the <br /> terms and conditions of this Development Contract, construction of all <br /> required improvements in accordance with the ordinances and <br /> specifications of the City and guarantees the workmanship and materials <br /> for the landscape improvements for a period of one year following the <br /> City's acceptance of the landscape improvements. The City reserves the <br /> right to draw, in whole or in part, on any portion of the Irrevocable Letter <br /> of Credit for the purpose of guaranteeing the terms and conditions of this <br /> contract, if Developer has been found to be in default of this agreement <br /> and only after providing Developer with written notice and opportunity to <br /> cure any default. The Irrevocable Letter of Credit shall be automatically <br /> extended for additional periods of one year from present or future <br /> expiration dates unless sixty (60) days prior to such the City Clerk or <br /> Administrator is notified in writing by certified mail or overnight mail that <br /> the Letter of Credit will not be renewed. <br /> B. Upon written request, The City will grant a reduction of the Letter of <br /> Credit, or cash deposit based on prepayment or the value of the completed <br /> improvements at the time of the requested reduction. The Developer may <br /> make such requests three times throughout the life of this agreement, with <br /> the third and/or final request being at the completion of the project. The <br /> City will respond to such request within 30 days time. Prior to the final <br /> acceptance of the Developer's Improvements the City shall require a <br /> Glamos Wire, Inc. Site Performance Agreement page 5 of 11 <br />