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COMPLETION DATE <br />The activities authorized by site and building plan approval shall be initiated within six (6) <br />months. If such activity is not completed within eighteen (18) months, the site approval shall no <br />longer be in effect, and application and approval of site and building plans shall be required. <br />GUARANTEE <br />1. Faithful Performance of Construction Contracts and Letters of Credit. The <br />Developer will fully and faithfully comply with all terms and conditions of any and all contracts <br />entered into by the Developer for the installation and construction of all Developer's improvements <br />and hereby guarantees the workmanship and materials for a period of one year following the City's <br />final acceptance of the Developer's improvements. Concurrently with the execution hereof by the <br />Developer, the Developer will furnish to, and at all times thereafter maintain with the City, a cash <br />�.- deposit, certified check, or Irrevocable Letter of Credit, based on thirty-five (35%) percent of the <br />total estimated cost of Developer's improvements. An Irrevocable Letter of Credit shall be for the <br />exclusive use and benefit of the City 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 and conditions of this Site <br />Improvement Performance Agreement and construction of all required improvements in accordance <br />with the ordinances and specifications of the City. The City reserves the right to draw, in whole or <br />in part, on any portion of the Irrevocable Letter of Credit for the purpose of guaranteeing the terms <br />and conditions of this Agreement. The Irrevocable Letter of Credit shall be renewed or replaced by <br />not later than thirty (30) days prior to its expiration with a like letter. <br />2. Reduction of Escrow Guarantee. The Developer may request reduction of the Letter <br />of Credit, or cash deposit based on prepayment or the value of the completed improvements at the <br />time of the requested reduction. The amount of reduction will be determined by the City Engineer. <br />04/03/02 3 TCF Agreement <br />