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• <br />Junes Addition <br />Development Contract <br />11 -13 -2006 <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 />for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City <br />Clerk or Administrator is notified in writing by certified mail <br />that the Letter of Credit will not be renewed. <br />b) Reduction of Escrow Guarantee. <br />(1) The Developer may request reduction of the Letter of Credit, <br />or cash deposit based on prepayment or the value of the <br />completed improvements at the time of the requested <br />reduction. Prior to the final acceptance of the Developer <br />Improvements the City shall require a Performance Bond or <br />Cash Escrow to cover the one -year warranty provisions of <br />the agreement. The amount shall be determined by the City <br />Engineer. <br />• III. CITY IMPROVEMENTS <br />• <br />1. Guarantee <br />a) Faithful Performance of Construction Contracts and Letters of Credit <br />1. Concurrently with the execution hereof by the Developer, the <br />Developer will furnish to, and at all times thereafter maintain <br />with the City, a cash deposit, certified check, or Irrevocable <br />Letter of Credit, based on one hundred fifty (35 %) percent of <br />the total estimated cost of City Improvements. An <br />Irrevocable Letter of Credit shall be for the exclusive use and <br />benefit of the City of Lino Lakes and shall state thereon that <br />the same is issued to guarantee and assure performance by <br />the Developer of all the terms and conditions of this <br />Development Contract and construction of all required City <br />improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to <br />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 />page 5 <br />-66- <br />