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• <br />Development Contract <br />Foxborough <br />August 22, 2005 <br />20. The Developer must obtain all necessary approvals from Anoka County. <br />The Developer is responsible for acquiring any necessary right -of -way, <br />temporary easements, or permanent easements for the construction. <br />21. The Developer shall construct and pay for all improvements as described in <br />the landscaping plan. <br />22. 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. In the event of <br />a default by Developer and after thirty (30) days prior written <br />notice to Developer, the City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of <br />Credit for the purpose of performing the terms and <br />conditions of this contract. Until Developer has completed <br />the improvements required herein, the Irrevocable Letter of <br />Credit shall be automatically extended for additional periods <br />of one year from present or future expiration dates unless <br />thirty (30) days prior to such the City Clerk or Administrator <br />is notified in writing by certified mail that the Letter of <br />Credit will not be renewed. <br />Reduction of Escrow Guarantee. <br />page 8 <br />