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Development Contract — Site Grading Only <br />Saddle Club <br />July 14, 2014 <br />8. Site Grading and Construction of the Developer's Improvements: <br />a) The construction, installation, materials and equipment shall be in <br />accordance with the plans and specifications approved by the City. <br />b) All of the work shall be under and subject to the inspection and <br />approval of the City and, where appropriate, any other governmental <br />agency having jurisdiction. <br />d) All Construction debris and trash shall be properly disposed of at the <br />developers expense and in a timely manner as determined by the <br />City. <br />9. The Developer shall be required to obtain all necessary permits and <br />approvals from all governmental agencies as required. including necessary <br />right-of-way. temporary easements, or permanent easements for the <br />construction. <br />10. The Developer shall obtain a FEMA Letter of Map Amendment (LOMA) or <br />Letter of Map Revision (LOMR) to revised the existing Flood Plain maps <br />consistent with the proposed grading plan. <br />11. 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 grading and construction of all Developer's <br />Improvements and hereby guarantees the workmanship and <br />materials for a period of one year following the City's final <br />acceptance of the Developer's Improvements. Concurrently <br />with the execution hereof by the Developer, the Developer <br />will furnish to, and at all times thereafter maintain with the <br />City, a cash deposit, certified check, or Irrevocable Letter of <br />Credit, based on one hundred fifty (150%) percent of the <br />total estimated cost of Developer's Improvements. An <br />Irrevocable Letter of Credit shall be for the exclusive use and <br />benefit of the City of Lino Lakes and shall state thereon that <br />the same is issued to guarantee and assure performance by <br />the Developer of all the terms and conditions of this <br />Development Contract and construction of all required <br />improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to <br />draw, in whole or in part, on any portion of the Irrevocable <br />page 6 <br />Mats <br />