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3. 4. 5. Prior to the approval of the final plat or the issuance of any building permits fcr this Development, the Developer shall deliver to the City Clerk a "Performance Bond", "Cash Deposit", or "Letter of Credit", in a form acceptable to the City Attorney and in an amount equal to the estimated construction cost plus twenty-flve percent (25%). This amount shall be determined by the City Engineer. Ail streets and utilities which are Intended to be owned and maintained by the City shal I include: Grading and Drainage Improvements $16,250.00 Street Improvements and Turf Establishment $31,250.00 Staking and Inspection $ 2,500.00 + 25% per Ordinance 312_5nn_nn TOTAL PERFORMANCE ASSURANCE $62,500.00 IM The Developer herein agrees to pay all City fees required per City Ordinance and further agrees to completely reimburse the City for all the costs it incurs including, but not limited to, direct City payroll costs, fees paid to consultants and other professionals, and the costs of printing, mailing and supplies. In addition to the above, the Developer herein also agrees to pay the charges for City Engineering personnel time Involved in consultation with the Developer and his engineer for review of grading and utility plans and general and final inspection of streets and utilities and final plat processing. Developer agrees to complete the improvements required by this agreement on or before August 1, 1988. In the event Developers fall to complete the said improvements within the time provided by this agreement, then the City may, at its option, bring an action in a court of competent jurisdiction for an order compelling Developers to complete the improvements or the City may complete the improvements or cause the same to be completed. In either case, Developers agree to pay, in addition to the cost of completing said improvements, any reasonable legal, engineering or other fees or expenses incurred by the City to connection with the completion thereof or the enforcement of this agreement upon default of the Developer. In the event that lots within this subdivision become occupied prior to completion of all improvements and acceptance by the City, the Developer shall provide all maintenance necessary including street snow plowing, until final acceptance. -3-