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the beginning. If after twenty-four (24) months from the final execution of this <br />agreement the Developer has not completed the project the City reserves <br />the right to use securities to address site issues to ensure compliance with <br />City Codes. <br />VII. GUARANTEE. <br />A. The Developer will fully and faithfully comply with all terms and conditions <br />of any and all contracts entered into by the Developer. Concurrently with <br />the execution hereof by the Developer, the Developer will furnish to, and <br />at all times thereafter maintain with the City, a cash deposit, certified <br />check, or Irrevocable Letter of Credit, based on thirty-five (35%) percent of <br />the total estimated cost of Developer's On -site Work. An Irrevocable <br />Letter of Credit shall be for the exclusive use and benefit of the City of <br />Lino Lakes and shall state thereon that the same is issued to guarantee <br />and assure performance by the Developer of all the terms and conditions <br />of this 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 acceptance of <br />the landscape improvements. The City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of Credit for the <br />purpose of guaranteeing the terms and conditions of this contract, if <br />Developer has been found to be in default of this agreement and only after <br />providing Developer with written notice and opportunity to cure any <br />default. The Irrevocable Letter of Credit shall be automatically extended <br />for additional periods of one year from present or future expiration dates <br />unless 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 Credit <br />will not be renewed. <br />B. Upon written request, The City will grant a reduction of the Letter of Credit, <br />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 />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 />Ad Site Performance Agreement page 7 of 14 <br />