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Fiji Cube Site Performance Agreement page 5 of 11 <br />submit certified compaction testing results for the site grading <br />operations. <br />B. A summary of the record plan attribute data for the storm sewer, <br />water main, and sanitary sewer structures and pipes shall be <br />submitted in the form of an Excel Spreadsheet as provided by the <br />City Engineer. <br />C. No securities will be fully released until all record drawings have <br />been submitted and accepted by the City Engineer. <br />V. COMPLETION DATE. <br /> <br />If the activities authorized by site and building plan approval are not <br />initiated within twelve (12) months from the final execution of this <br />agreement, then Developer will need to start the site and building <br />plan approval process from the beginning. <br /> <br />VI. GUARANTEE. <br /> <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 <br />Developer will furnish to, and at all times thereafter maintain with <br />the City, a cash deposit, certified check, or Irrevocable Letter of <br />Credit, based on thirty-five (35%) percent of the total estimated cost <br />of Developer's On-site Work. An Irrevocable Letter of Credit shall <br />be for the exclusive use and benefit of the City of Lino Lakes and <br />shall state thereon that the same is issued to guarantee and assure <br />performance by the Developer of all the terms and conditions of this <br />Development Contract, construction of all required improvements in <br />accordance with the ordinances and specifications of the City and <br />guarantees the workmanship and materials for the landscape <br />improvements for a period of one year following the City’s <br />acceptance of the landscape improvements. The City reserves the <br />right to draw, in whole or in part, on any portion of the Irrevocable <br />Letter of Credit for the purpose of guaranteeing the terms and <br />conditions of this contract, if Developer has been found to be in <br />default of this agreement and only after providing Developer with <br />written notice and opportunity to cure any default. The Irrevocable <br />Letter of Credit shall be automatically extended for additional <br />periods of one year from present or future expiration dates unless <br />sixty (60) days prior to such the City Clerk or Administrator is <br />notified in writing by certified mail or overnight mail that the Letter of <br />Credit will not be renewed. <br /> <br />95