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Grandview <br />Development Contract <br />October 22, 2007 <br />b) Also a storm sewer, watermain, and sanitary sewer Excel <br />Spreadsheet must be submitted, which includes all the as -built data. <br />15. 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 Developer <br />for the installation and construction of all Developer Improvements <br />and hereby guarantees the workmanship and materials for a period of <br />one year following the City's fmal acceptance of the Developer's <br />Improvements. Concurrently with the execution hereof by the <br />Developer, the Developer will furnish to, and at all times thereafter <br />maintain with the City, a cash deposit, certified check, or Irrevocable <br />Letter of Credit, based on one hundred fifty (150%) percent of the <br />total estimated cost of Developer's Improvements. An Irrevocable <br />Letter of Credit shall be for the exclusive use and benefit of the City <br />of Lino Lakes and shall state thereon that the same is issued to <br />guarantee and assure performance by the Developer of all the terms <br />and conditions of this Development Contract and construction of all <br />required improvements in accordance with the ordinances and <br />specifications of the City. The City reserves the right to draw, in <br />whole or in part, on any portion of the Irrevocable Letter of Credit <br />for the purpose of guaranteeing the terms and conditions of this <br />contract. The Irrevocable Letter of Credit shall be automatically <br />extended for additional periods of one year from present or future <br />expiration dates unless thirty (30) days prior to such the City Clerk <br />or Administrator is notified in writing by certified mail that the <br />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 fmal 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 />page 6 <br />