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• <br />• <br />• <br />9. The Developer shall be required to obtain all necessary permits and <br />approvals from all governmental agencies as required, including <br />necessary right -of -way, temporary easements, or permanent <br />easements for the construction. <br />10. Guarantee <br />a) Faithful Performance of Construction Contracts and Letters <br />of Credit <br />(1) <br />The Developer will fully and faithfully comply with <br />all terms and conditions of any and all contracts <br />entered into by the Developer for the installation and <br />construction of all Developer's Improvements and <br />hereby guarantees the workmanship and materials for <br />a period of one year following the City's final <br />acceptance of the Developer's Improvements. <br />Concurrently with the execution hereof by the <br />Developer, the Developer will furnish to, and at all <br />times thereafter maintain with the City, a cash <br />deposit, certified check, or Irrevocable Letter of <br />Credit, based on one hundred twenty -five (125 %) <br />percent of the total estimated cost of Developer's <br />Improvements. An Irrevocable Letter of Credit shall <br />be for the exclusive use and benefit of the City of <br />Lino Lakes and shall state thereon that the same is <br />issued to guarantee and assure performance by the <br />Developer of all the terms and conditions of this <br />Development Contract and construction of all <br />required improvements in accordance with the <br />ordinances and specifications of the City. The City <br />reserves the right to draw, in whole or in part, on any <br />portion of the Irrevocable Letter of Credit for the <br />purpose of guaranteeing the terms and conditions of <br />this contract. The Irrevocable Letter of Credit shall <br />be automatically extended for additional periods of <br />one year from present or future expiration dates <br />unless thirty (30) days prior to such the City Clerk or <br />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 <br />Credit, or cash deposit based on prepayment or the <br />value of the completed improvements at the time of <br />Page 6 of 12 <br />