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4. Builder Requirements <br />a. Demonstrate financial capability by providing all of the followin�: <br />(1) A statement from a financial institution of stiifficient constniction capital <br />(2) A letter of credit of the value of the lot <br />(3) A summary of the financial conditions of the company <br />(4) Evidence of a conshuction loan or abiliCy to secure one <br />b. Possess adequate Buildei's Risk, Comprehensive General Liability and Worke�'s <br />Compensation insurance coverage. <br />c. Possess a Home Owners Wan�anry insurance or equivalent to perfo�m warranted <br />repairs required by Minnesota State Statute. <br />d. Provide references from all of the followin�: <br />(I) Five customers; <br />(2) Three major suppliers, one being the consh�uction lumber supplier; <br />(3) Building Inspectors fi�om two cities in which the builder has constiucted <br />new housing within the past three years. <br />e. Provide infoimation on inventoiy of homes that builder cun•ently has under <br />construction. <br />Buyer Requirements, if applicable <br />a. Must be pre-approved for peimanent financing prior to allow signing of Contract <br />for Private Development. <br />Page A-3 <br />