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Development Contract — Site Grading Only <br />Pine Glen <br />March 13, 2006 <br />c) Prior to the acceptance of Developer Improvements by the City, the <br />Developer shall obtain final plat approval and record the final plat <br />which will dedicate all permanent easements necessary for the <br />construction and installation of the Developer's and City's <br />Improvements as determined by the City. <br />d) All Construction debris and trash shall be properly disposed of at the <br />developers expense and in a timely manner as determined by the <br />City. <br />13. The Developer shall be required to obtain all necessary permits and <br />approvals from all governmental agencies as required, including necessary <br />right -of -way, temporary easements, or permanent easements for the <br />construction. <br />14. The Developer shall make an application to .•EMA for a Letter of Map <br />Amendment (LOMA) or Letter of Map Revision (LOMR) to revised the <br />existing Flood Plain maps consistent with the proposed grading plan. <br />15. Guarantee <br />a) Faithful Performance of Construction Contracts and Letters of Credit <br />(1) The Developer will fully and faithfully comply with all terms <br />and conditions of any and all contracts entered into by the <br />Developer for the installation and construction of all <br />Developer's Improvements and hereby guarantees the <br />workmanship and materials for a period of one year <br />following the City's final acceptance of the Developer's <br />Improvements. Concurrently with the execution hereof by <br />the Developer, the Developer will furnish to, and at all times <br />thereafter maintain with the City, a cash deposit, certified <br />check, or Irrevocable Letter of Credit, based on one hundred <br />fifty (150 %) percent of the total estimated cost of <br />Developer's Improvements. An Irrevocable Letter of Credit <br />shall be for the exclusive use and benefit of the City of Lino <br />Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the <br />terms and conditions of this Development Contract and <br />construction of all required improvements in accordance with <br />the ordinances and specifications of the City. The City <br />reserves the right to draw, in whole or in part, on any portion <br />of the Irrevocable Letter of Credit for the purpose of <br />guaranteeing the terms and conditions of this contract. The <br />Irrevocable Letter of Credit shall be automatically extended <br />page 7 <br />- 6 9 - <br />