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• <br />shall state thereon that the same is issued to guarantee and assure <br />performance by the Developer of all the terms and conditions of this <br />Development Contract and construction of all required improvements in <br />accordance with the ordinances and specifications of the City. The City <br />reserves the right to draw, in whole or in part, on any portion of the <br />Irrevocable Letter of Credit for the purpose of guaranteeing the terms and <br />conditions of this contract. The Irrevocable Letter of Credit shall be <br />automatically extended for additional periods of one year from present or <br />future expiration dates unless thirty (30) days prior to such the City Clerk <br />or Administrator is notified in writing by certified mail that the Letter of <br />Credit will not be renewed. <br />B. The Developer may request reduction of the Letter of Credit, or cash <br />deposit based on prepayment or the value of the completed improvements <br />at the time of the requested reduction. Prior to the final acceptance of the <br />Developer's Improvements the City shall require a Letter of Credit or <br />Cash Escrow to cover the warranty provisions of the agreement. The <br />amount shall be determined by the City Engineer. <br />VI. REIMBURSEMENT OF COSTS. <br />A. The Developer agrees to establish a noninterest bearing escrow account <br />with the City in an amount established by the City Engineer or his <br />designee for the payment of all City fees and costs incurred by the City <br />related to the On -site and Off -site Work, including, but not limited to, the <br />following: <br />1. Site Plan Review Fee (Existing escrow deficit) $2164.82 <br />2. Administration (Legal, Engineering, Planning, and $2000.00 <br />Contract administration) <br />Total Estimated (Budget) Costs for Escrow Account $4164.82 <br />B. The City shall have a right to reimburse itself from the Escrow. If it <br />appears that the actual costs incurred will exceed the estimate, then <br />Developer and City shall review the costs required to complete the project. <br />In such case, Developer shall deposit additional sums with the City to pay <br />for the agreed upon increase. <br />VII. REMEDIES FOR BREACH <br />A. The City shall give prior notice to the Developer of any default hereunder <br />before proceeding to enforce such financial guarantee or before the City <br />undertakes any work for which the City will be reimbursed through the <br />financial guarantee. If within ten (10) days after such notice to it, the <br />Living Waters Church Performance Agreement page 4 <br />