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due to Force Majeure Delay(s). Notwithstanding anything herein to the <br />contrary no Force Majeure Delays shall extend the Completion Date more <br />than an additional twelve (12) months. <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 at <br />all times thereafter maintain with the City, a cash deposit, certified check, or <br />Irrevocable Letter of Credit, based on thirty-five (35%) percent of the total <br />estimated cost of Developer's On -Site Work. An Irrevocable Letter of Credit <br />shall be for the exclusive use and benefit of the City of Lino Lakes and shall <br />state thereon that the same is issued to guarantee and assure performance <br />by the Developer of all the terms and conditions of this Development <br />Contract, construction of all required improvements in accordance with the <br />ordinances and specifications of the City and guarantees the workmanship <br />and materials for improvements for a period of one year following the City's <br />acceptance of the of the On -Site Work and the Off -Site Work. The City <br />reserves the right to draw, in whole or in part, on any portion of the <br />Irrevocable Letter of Credit for the purpose of guaranteeing the terms and <br />conditions of this Agreement, if an Event of Default (defined below) by <br />Developer has occurred. The Irrevocable Letter of Credit shall be <br />automatically extended for additional periods of one year from present or <br />future expiration dates unless sixty (60) days prior to such the City Clerk or <br />Administrator is notified in writing by certified mail or overnight mail that the <br />Letter of Credit 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. Developer may make <br />such requests three times throughout the life of this agreement, with the <br />third and/or final request being at substantial completion of the <br />Improvements. The City will respond to such request within 30 days after <br />delivery of such request. Prior to the final acceptance of the Developer's <br />Improvements the City shall require a Letter of Credit or Cash Escrow to <br />cover the warranty provisions of this Agreement. The amount shall be <br />agreed to by the City Engineer and Developer (with both parties acting <br />reasonably and in good faith) and Developer may use the Letter of Credit <br />described in Section VI.A above. <br />VII. REIMBURSEMENT OF COSTS. <br />A. Developer agrees to establish a non -interest bearing escrow account with <br />the City for the payment of all City fees and costs incurred by the City related <br />to the On -site and Off -Site Work as set forth below following: <br />Aldi Site Performance Agreement page 6 of 13 <br />