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• <br />• <br />• <br />Development Contract <br />Crystal Cove <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 />A. Required Payment of Special Assessments by Developer. <br />1. Developer, its heirs, successors or assigns hereby agrees that within thirty <br />(30) days after the issuance of a certificate of occupancy for a residence on a <br />lot located within the Subdivision which is assessed for the cost of such City <br />Improvements, the Developer, its heirs, successors or assigns, agrees, at its <br />own cost and expense, to pay the entire unpaid Cost of City Improvements <br />whether assessed or to be assessed under this agreement against such <br />property. <br />2. If a certificate of occupancy is issued before the special assessments have <br />been levied, the Developer, its heirs, successors or assigns shall pay the City <br />the sum of cash equal to one hundred twenty percent (120 %) of the <br />Engineer's estimate of the special assessments for such City Improvements <br />that would be levied against the property. Upon such payment the City shall <br />issue a certificate showing the assessments are paid in full. Notwithstanding <br />the issuance of said certificate, the Developer shall be liable to the City for <br />any deficiency and the City shall pay the Developer any surplus arising from <br />the payment based upon such estimate. Developer will be paid interest on <br />all assessments paid before the levy of such assessments by the City at the <br />bond interest rates paid by the City. <br />B. Acceleration Upon Default. <br />1. In the event the Developer violates any of the covenants, conditions or <br />agreements herein contained to be performed by the Developer, violates any <br />page 6 <br />- 1 0 4 - <br />