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lots within the Subdivision of the repair or replacement of the Subdivision Improvements and <br />hereby consents to such assessment and waives the right to a hearing or notice of hearing or <br />any appeal thereon under Minnesota Statutes, Chapter 429. <br />A. The required warranty period for all work relating to the public sewer and waJer <br />shall 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 />one year from the date of final written City acceptance of the work. <br />C. The required warranty period for sod, trees, and landscaping shall be two years <br />from the date of final written City acceptance of the installation. <br />37. 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 <br />$2,262, 116.20. The bank originating the letter of credit shall be determined by the City to be <br />solvent and creditworthy. The letter of credit shall substantially be in the form attached to this <br />Agreement and must be approved by the City. The amount of the Security was calculated as <br />itemized on Exhibit C. If at any time the City reasonably determines that the bank issuing the <br />letter of credit no longer satisfies the City's requirements regarding solvency and <br />creditworthiness, the City shall notify the Developer and the Developer shall provide to the City <br />within 45 days a substitute for the letter of credit from another bank meeting the City's <br />requirements. If the Developer fails to provide the City within 45 days with a substitute letter of <br />credit from an issuing bank satisfactory to the City, the City may draw under the existing letter of <br />credit. <br />26