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<br />24 <br />LA515\89\721081.v13 <br />and assigns, acknowledges the benefit to the lots within the Subdivision of the repair or <br />replacement of the Subdivision Improvements and hereby consents to such assessment and <br />waives the right to a hearing or notice of hearing or any appeal thereon under Minnesota Statutes, <br />Chapter 429. <br />A. The required warranty period for all work relating to the public sewer and water shall <br />be two years from the date of final written City acceptance of the work. <br />B. The required warranty period for all work relating to street construction, including <br />concrete curb and gutter, sidewalks and trails, materials, and equipment shall be <br />subject to one year from the date of final written acceptance of the work. <br />C. The required warranty period for sod, trees, and landscaping is two years from the <br />date of final written City acceptance of the installation. <br />36. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the <br />terms of this Agreement, payment of special assessments, payment of the costs of all public <br />Subdivision Improvements, and construction of all public Subdivision Improvements, the <br />Developer shall furnish the City with an irrevocable letter of credit or a cash escrow or a <br />combination of a cash escrow and letter of credit (the “Security”) in the amount of $1,137,575. <br />The bank originating the letter of credit shall be determined by the City to be solvent and <br />creditworthy. The letter of credit shall substantially be in the form attached to this Agreement and <br />must be approved by the City. The amount of the Security was calculated as itemized on Exhibit <br />C. If at any time the City reasonably determines that the bank issuing the letter of credit no longer <br />satisfies the City’s requirements regarding solvency and creditworthiness, the City shall notify the <br />Developer and the Developer shall provide to the City within 45 days a substitute for the letter of <br />credit from another bank meeting the City’s requirements. If the Developer fails to provide the <br />City within 45 days with a substitute letter of credit from an issuing bank satisfactory to the City, <br />the City may draw under the existing letter of credit.