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C. No securities will be fully released until all record drawings have <br />been submitted and accepted by the City Engineer. <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. If after twenty-four (24) <br />months from the final execution of this agreement the Developer has <br />not completed the project the City reserves the right to use securities <br />to address site issues to ensure compliance with City Codes. <br />VI. GUARANTEE. <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 />B. Upon written request, The City will grant a reduction of the Letter of <br />Credit, or cash deposit based on prepayment or the value of the <br />completed improvements at the time of the requested reduction. <br />The Developer may make such requests three times throughout the <br />life of this agreement, with the third and/or final request being at the <br />completion of the project. The City will respond to such request <br />416 Lilac Street Site Performance Agreement page 5 of 11 <br />