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Watermark <br />Grading and Trunk Utility Agreement <br />June 11, 2018 <br /> page 4 <br />automatically extended for additional periods of one year from present or future <br />expiration dates. The Irrevocable Letter of Credit may not be terminated without <br />the City’s written consent. <br />c. Reduction of Security. The Developer may request reduction of the Letter of Credit <br />or cash deposit based on prepayment or the value of the completed improvements <br />at the time of the requested reduction. Requests for reductions will not be <br />unreasonably withheld provided proof of payment is provided. <br />10. Warranty. The Developer warrants all utility work required to be performed by it against <br />poor material and faulty workmanship for a period of two years after its completion and <br />acceptance by the City. Grass and sod shall be warranted to be alive, of good quality and <br />disease free for 12 months after planting. Prior to final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or Cash Escrow to cover the <br />warranty provisions of this Agreement. The amount shall be determined by the City <br />Engineer. <br />11. Dedication. The Developer shall dedicate to the City, at no cost to the City, all permanent <br />or temporary easements covering the City Improvements. The easements for the trunk <br />water and sewer lines shall be co-extensive with street right-of-way within which the <br />utilities are located, as those rights-of-way are shown on the Preliminary Plat. The <br />required easements shall be in writing, in recordable form, containing such terms and <br />conditions as the City shall determine. <br />12. Ownership of Improvements. Upon completion and City acceptance of the City <br />Improvements, those Improvements lying within the approved easements shall become <br />City property without further notice or action. <br />13. Recording and Release. The Developer agrees that the terms of this Grading <br />Agreement shall be a covenant on any and all property included in the Subdivision. The <br />Developer agrees that the City shall have the right to record a copy of this Grading <br />Agreement with the Anoka County Recorder to give notice to future purchasers and <br />owners. This shall be recorded against the Subdivision described on Page 1. <br />14. Escrow for City’s Costs. <br />a. The Developer agrees to establish a non-interest-bearing escrow account with <br />the City in an amount determined by the City Administrator or his designee for <br />the payment of all costs incurred by the City related to the development of the <br />Subdivision including, but not limited to, the following (See Exhibit B for <br />breakdown of costs): <br />i. Administration - 3% of Developer Improvement Costs