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Letter of Credit or Cash Escrow to cover the warranty provisions of the <br /> agreement. The amount shall be agreed to by the City Engineer and <br /> Developer and Developer may use the Letter of Credit discussed in <br /> Section VI.A above. <br /> VII. REIMBURSEMENT OF COSTS. <br /> A. The Developer agrees to establish a non-interest bearing escrow account <br /> with the City in an amount established by the City Engineer or his <br /> designee for the payment of all City fees and costs incurred by the City <br /> related to the On-site Work, including, but not limited to, the following: <br /> 1. Site Plan Review Fee $2,500.00 <br /> Administration <br /> 2 $14,700.00 <br /> (Legal, Engineering, Planning and Contract Administration) <br /> 3. Negative Short Term Escrow Balance $0.00 <br /> Total Estimated (Budget) Costs for Escrow Account $17,200.00 <br /> B. If it appears that the actual costs incurred will exceed the estimate or that <br /> the actual costs incurred will be less than the estimate, then Developer and <br /> City shall review the costs required to complete the project. In such case, <br /> if the actual costs exceed the estimate, then Developer shall promptly pay <br /> the additional sums to the City to pay for the agreed upon increase. <br /> However, in such case where the actual costs are less than the estimate, <br /> the City shall promptly reimburse to Developer any amounts overpaid by <br /> the Developer. The Developer may request a statement of the account <br /> each month for review. <br /> C. Intentionally Deleted. <br /> VIII. REMEDIES FOR BREACH. <br /> A. The City shall give prior written notice to the Developer of any default <br /> hereunder before proceeding to enforce such financial guarantee or before <br /> the City undertakes any work for which the City will be reimbursed <br /> through the financial guarantee. If within twenty (20) days after receipt of <br /> such written notice to it, the Developer has not notified the City by stating <br /> in writing the manner in which the default will be cured and the time <br /> within which such default will be cured, the City will proceed with the <br /> remedy it deems reasonably appropriate. <br /> B. At any time after the completion date and any extensions thereof, if any of <br /> the work is deemed incomplete, the City may proceed in any one or more <br /> of the following ways to enforce the undertakings herein set forth, and to <br /> collect any and all expenses reasonably incurred by the City in connection <br /> Glamos Wire, Inc. Site Performance Agreement page 6 of 11 <br />