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on the completion of the Plan B Improvements and the grant of a new drainage and <br />utility easement as provided in this Section C.2. <br />3. Plan B Security <br />Developer shall cause the construction of the Plan B Improvements in accordance <br />with all applicable laws in force at the time of Developer's performance, including <br />all applicable standards of the City and any other governmental entity having <br />jurisdiction over the construction of the Plan B Improvements. The Developer shall <br />complete construction of the Plan B Improvements prior to commencement of <br />construction of Phase II of the Project. As used herein, "commencement of <br />construction" shall mean the pouring of footings and foundations for Phase II of <br />the Project. The Developer shall maintain the existing emergency overflow outlet <br />storm sewer pipe throughout the construction of the Plan B Improvements. <br />Construction of the Plan B Improvements may require temporary bulk heading of <br />the upstream manhole during connection of the Plan B Improvements to the <br />existing system however, temporary bulkhead operations shall be limited to prevent <br />excessive backup and must be removed at the end of each construction day. The <br />Developer shall use commercially reasonable efforts to commence construction of <br />the Plan B Improvements promptly after execution of this Development Agreement <br />and to coordinate the schedule for completion of the Plan B Improvements to ensure <br />that the completion date is achieved. <br />Notwithstanding the foregoing, no Plan B Improvements shall be commenced <br />under this Development Agreement until the Developer has established one or more <br />irrevocable letters of credit in an amount equal to one hundred twenty-five percent <br />(125%) of the total Plan B Improvements (the "Plan B Security"). The Plan B <br />Security shall be for the exclusive use and benefit of the City, as provided in Section <br />C.4. below. <br />4. Payment/Default <br />The Developer shall perform the Plan B Improvements in accordance with this <br />Development Agreement. <br />Failure by the Developer to construct the Plan B Improvements within the time <br />period provided in this Development Agreement shall constitute an event of default. <br />The cure period for an event of default in connection with the Plan B Improvements <br />shall be 30 days after written notice to the Developer from the City; provided, <br />however, if such matter cannot reasonably be cured within such cure period, then <br />the Developer shall be afforded such additional period of time to cure such matter <br />as the City determines is reasonable under the circumstances (the "Plan B Grace <br />Period") and shall diligently prosecute and complete the cure thereof. <br />Notwithstanding the foregoing, the Parties acknowledge and agree that Adverse <br />Conditions may affect the ability of the Developer to perform the Work required to <br />be performed hereunder, and agree that the applicable cure period or Plan B Grace <br />Period shall not include those days on which such Adverse Conditions preclude <br />7 <br />623964v4 <br />