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<br />LA515-110-838683.v10 <br />within 45 days of the date upon which the City notifies the Developer of the cost due under this <br />paragraph. The Developer hereby agrees to permit the City to specially assess any unreimbursed <br />costs against the Subdivision if the Developer fails to make required payments to the City. The <br />Developer, on behalf of itself and its successors and assigns, acknowledges the benefit to the <br />Subdivision of the repair or replacement of the Subdivision Improvements and hereby consents <br />to such assessment and waives the right to a hearing or notice of hearing or any appeal thereon <br />under Minnesota Statutes, 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 public street construction, <br />including the improvements and turn lanes on Hudson Boulevard North, the concrete <br />curb and gutter, trails and sidewalks, materials and equipment shall be one year <br />from the date of final written City 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 />32. 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 cash escrow or a combination <br />of a cash escrow and a letter of credit (the “Security") in the amount of $2,156,017. The bank <br />originating the letter of credit shall be determined by the City to be solvent and creditworthy. The <br />letter of credit shall substantially be in the form attached to this Agreement and must be approved <br />by the City. The amount of the Security was calculated as itemized on Exhibit D. If at any time <br />the City reasonably determines that the bank issuing the letter of credit no longer satisfies the <br />City’s requirements regarding solvency and creditworthiness, the City shall notify the Developer