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28 <br />LA515\135\943139.v2 <br />if the Developer fails to make required payments to the City. The Developer, on behalf of itself <br />and its successors and assigns, acknowledges the benefit to the lots within the Subdivision of the <br />repair or replacement of the Subdivision Improvements and hereby consents to such assessment <br />and waives the right to a hearing or notice of hearing or any appeal thereon under Minnesota <br />Statutes, Chapter 429. <br />A. The required warranty period for all work relating to the public sewer and water shall <br />be two (2) years from the date of final written City acceptance of the utility 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 (1) year from the date of final written acceptance of the work. <br />C. The required warranty period for sod, trees, and landscaping is two (2) years from <br />the date of final written City acceptance of the installation. <br />34. 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 $2,421,314 The <br />bank originating the letter of credit shall be determined by the City to be solvent and creditworthy. <br />The letter of credit shall substantially be in the form attached to this Agreement and must be <br />approved by the City. The amount of the Security was calculated as itemized on Exhibit C. If at <br />any time the City reasonably determines that the bank issuing the letter of credit no longer satisfies <br />the City’s requirements regarding solvency and creditworthiness, the City shall notify the <br />Developer and the Developer shall provide to the City within forty-five (45) days a substitute for <br />the letter of credit from another bank meeting the City’s requirements. If the Developer fails to <br />provide the City within forty-five (45) days with a substitute letter of credit from an issuing bank