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• <br />• <br />Development Contract <br />Golden Acre <br />8 -27 -2007 <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 />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 (150 %) percent <br />of the total estimated developer costs and an Irrevocable <br />Letter of Credit, based on thirty five (35 %) of City <br />Improvements. An Irrevocable Letter of Credit shall be for <br />the exclusive use and benefit of the City of Lino Lakes and <br />shall state thereon that the same is issued to guarantee and <br />assure performance by the Developer of all the terms and <br />conditions of this Development Contract and construction of <br />all required City improvements in accordance with the <br />ordinances and specifications of the City. The City reserves <br />the right to draw, in whole or in part, on any portion of the <br />Irrevocable Letter of Credit for the purpose of guaranteeing <br />the terms and conditions of this contract. The Irrevocable <br />Letter of Credit shall be automatically extended for <br />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 />IV. RECORDING AND RELEASE <br />• A. The Developer agrees that the terms of this Development Contract shall be a <br />covenant on any and all property included in the Subdivision. The Developer agrees <br />page 5 <br />