4.15. SR 04-21-2014 - Laserfiche WebLink

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(11) Faithful Performance of Construction Contracts. Developer will fully and faithfully perform the installation and construction of the Improvements in accordance with the approved plans and specifications therefore and shall comply with all terms of any and all contracts entered into by the Developer for the installation and construction of all such Improvements, at no expense to the City. (12) Warranty. Developer hereby warranties the workmanship and materials respecting such Improvements for a period of two (2) years following the City's final acceptance of the Improvements and agrees to repair or replace, as directed by the City, and at Developer's sole cost and expense, any work or materials that become defective, in the sole opinion of the City, within said two (2) year period even though notice thereof be given by the City after said two (2) year period. 8. City Installed Improvements. (01) The Subdivision will have no City installed Improvements. (02) There are no assessments levied against the subdivision. 9. Fees and Security for Developer's Performance. (01) City Administration and Construction Observation Fees. Developer shall reimburse the City for all the City's costs and expenses incurred in the processing of the Subdivision and for review of plans and construction observation and in regard to any action or event of default by Developer, resulting in any suit or proceeding at law or in equity to which the City shall become a party in reference to the Developer's interest in the property or the project. Reimbursement shall be due and payable to the City within thirty (30) days following the receipt of a statement therefore. The Developer shall post a cash escrow in the amount of ten percent (10%) of the estimated costs of the Improvements. This escrow will be drawn from as the project progresses to cover the City's ongoing costs and expenses relating to administration and construction observation of the improvements. City administration will include, but is not limited to, supervision of construction observation, consultation with Developer and its engineer on status or problems regarding the project, coordination for final inspection and acceptance, project monitoring during the warranty period,and processing of requests for reduction in security. Construction observation shall include full to part time inspection of all work associated with the Improvements. Based on past experience it is estimated that an escrow of ten percent (10%) shall be sufficient to cover the City related expenses associated with the work. Delays,change in work scope,contractor performance, etc. can all contribute to this amount not being sufficient. All City costs experienced in excess of the escrow are the responsibility of the Developer. These costs will be billed directly to the Developer and become due per the terms stated in Section 10. (02) Letter of Credit. No work shall be commenced under this Agreement, and the Final Plat of the Subdivision will not be released for recording,until the Developer has filed with the City a cash deposit or an irrevocable and unconditional Letter of Credit acceptable to the City, in the amount of sixty seven thousand, eight hundred eighty seven dollars and 20/100 Dollars ($67,887.20). Said Letter of Credit shall also provide that funds shall be paid to the City upon written demand of the City to the extent of default herein by Developer in the payment of any amount due or the performance of any other duty or obligation of Developer pursuant to this Agreement, including Developer's obligations to complete Developer Improvements, to complete on-site Landscape Improvements,and to make payment of any amounts due hereunder. 5