4.15. SR 04-21-2014 - Laserfiche WebLink

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(A) The security provided in accordance with the above may be reduced quarterly, on March 31,June 30,September 30 and December 31 of each year. The amount released each quarter will equal the amount of work completed by the Developer during the quarter, except that: (i) the security will not be released to an amount less than the amount of Developer's total indebtedness to the City pursuant to the terms of this Agreement,; and, (ii) the security will not be released below twenty-two thousand, four hundred dollars ($22,400) until all Improvements pursuant to this Agreement have been completed in full and all other obligations of Developer under this Agreement have been fulfilled, including Developer's obligation to install required Landscaping Improvements, two year warranty period has been completed, and to fulfill the requirements of the Wetland Mitigation,if applicable. (B) The Letter of Credit shall contain a provision that states that the Letter of Credit shall be automatically renewable annually unless the issuer of the Letter of Credit first gives the City thirty (30) days written notice by certified mail of its intent not to renew the Letter of Credit. The letter of credit shall also contain a minimum initial period of 1 year. The Letter of Credit shall be a guaranty to the City that the Improvements and all other requirements set forth in this Agreement will be timely completed to the City's satisfaction. The Letter of Credit shall be maintained continuously by the Developer, except as reductions are authorized by the City, until the Improvements are completed to the City's satisfaction, including certification by the City engineer that all items are satisfactorily completed, pursuant to this Agreement. The Letter of Credit shall have no conditions and shall be subject to being drawn upon by the City upon any default under this Agreement, including failure to pay contractors, subcontractors or costs or expenses owed to the City. If at any time the City shall draw upon the Letter of Credit,the Developer agrees that within 10 days upon being notified of such withdrawal by the City, Developer shall either pay the deficient amount in cash to the City or have the Letter of Credit restored to its full amount (04) Maintenance Bond. Purposely Left Blank (05) Water Availability Charges. Developer shall pay applicable Water Availability Charge at the time of building permit. (06) Surface Water Management Fee. Developer shall pay surface water management fees in the amount of Three thousand, six hundred and three dollars ($3,603.00), ($1,287 per acre) for each lot in the Subdivision prior to release of the final plat for recording. (07) Seal Coating. Developer shall pay the City for the first sealcoating of streets in the Subdivision in the amount of One Thousand Seven Hundred-Fifty and 00/100 Dollars ($1,750) prior to recording of the final plat. 10. Responsibility for Costs. (01) Except as otherwise specified herein, the Developer shall pay all costs incurred by it or the City in conjunction with the development of the Subdivision, including but not limited to Soil and Water Conservation District charges, legal, planning, engineering and construction observation inspection expenses incurred in connection with approval and acceptance of the plat,the preparation of this Agreement, review of construction plans and documents, the payment of fines and penalties 6