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Watermark 8th Addition <br />Development Agreement <br />September 9, 2024 <br /> page 5 <br />7. Time of Performance. The Developer shall install all required improvements <br />enumerated in Paragraph 6 by October 31, 2025. The Developer may request a <br />reasonable extension of time from the City. If the extension is granted, it shall be <br />conditioned upon updating the security posted by the Developer to reflect cost <br />increases and the extended completion date. <br />8. City Improvements. No City installed improvements are proposed to be constructed for <br />this subdivision. <br />9. Record Drawings. <br />a. Upon project completion, Developer shall submit record drawings, in electronic <br />format, of all public and private infrastructure improvements, including grading, <br />sanitary sewer, watermain, storm sewer facilities, and roads, constructed by <br />Developer. The files shall be drawn in Anoka County NAD 83 Coordinate system <br />and provided in both AutoCAD .dwg and Adobe .pdf file formats. The plans shall <br />include accurate locations, dimensions, elevations, grades, slopes and all other <br />pertinent information concerning the complete work. <br />b. The Developer shall submit certified compaction testing results for the site <br />grading operations that certify that grading work meets pertinent compaction <br />requirements for the project. <br />c. A summary of the record plan attribute data for the storm sewer, watermain, <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 />d. No securities will be fully released until all record drawings have been submitted <br />and accepted by the City Engineer. <br />10. Faithful Performance of Construction Contracts and Security. <br />a. The Developer will fully and faithfully comply with all terms and conditions of any <br />and all contracts entered into by the Developer for the installation and construction <br />of all Developer Improvements. Concurrent with the execution hereof by the <br />Developer, the Developer will furnish to, and at all times thereafter maintain with <br />the City, a cash deposit, certified check, or Irrevocable Letter of Credit, based on <br />one hundred fifty (150%) percent of the total estimated cost of Developer's <br />Improvements as determined by the City Engineer. <br />b. Irrevocable Letter of Credit. If an Irrevocable Letter of Credit is utilized, it shall be <br />for the exclusive use and benefit of the City of Lino Lakes and shall state that it is <br />issued to guarantee and assure performance by the Developer of all the terms and <br />conditions of this Development Agreement and construction of all required