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<br />specifications therefore and shall comply with all terms of any and all contracts entered into by the <br />Developer for the installation and construction of all such Improvements, at no expense to the City. <br />(12) Warranty. Developer hereby warranties the workmanship and materials respecting such <br />Improvements for a period of two (2) years following <br />and expense, any work or materials that become defective, in the sole opinion of the City, within said <br />two (2) year period even though notice thereof be given by the City after said two (2) year period. <br />7. City Installed Improvements. <br />(01) The Subdivision will have no City installed Improvements. <br />(02) Outlot D, River Park Second Addition, includes $460,846.59 in deferred assessments. The <br />assessments accrue interest, and the outstanding balance is updated on December 1 of each year. The <br />Miske Meadows Final Plat includes 12.095 acres of land, or 17.48% of Outlot D. The deferred <br />assessments payable on the platted area is Eighty Thousand, Five Hundred Fifty Five and 98/100 <br />dollars ($80,555.98). <br />8. . <br />(01) City Administration and Construction Observation Fees. Developer shall reimburse the City <br />installation of <br />improvements, including review of plans and construction observation and in regard to any action or <br />event of default by Developer, resulting in any suit or proceeding at law or in equity to which the <br />Development. <br />Reimbursement shall be due and payable to the City within thirty (30) days following the receipt of a <br />statement therefore. The Developer shall post a cash escrow in the amount of ten percent (10%) of <br />the estimated costs of the Improvements. This escrow will be drawn from as the project progresses <br />administration and construction <br />observation of the Improvements. City administration will include, but is not limited to, supervision <br />of construction observation, consultation with Developer and its engineer on status or problems <br />regarding the project, coordination for final inspection and acceptance, project monitoring during the <br />warranty period, and processing of requests for reduction in security. Construction observation shall <br />include full to part time inspection of all work associated with the Improvements. Based on past <br />experience it is estimated that an escrow of ten percent (10%) shall be sufficient to cover the City <br />related expenses associated with the work. Delays, change in work scope, contractor performance, <br />etc. can all contribute to this amount not being sufficient. All City costs experienced in excess of the <br />escrow are the responsibility of the Developer. These costs will be billed directly to the Developer <br />and become due per the terms stated in Section 10. Upon acceptance of all completed <br />improvements, as required by this agreement, any remaining balance will be returned to the <br />developer within 30 days. <br />(02) Security for Developers Performance. <br />(A) No work shall be commenced under this Agreement, and the Final Plat of the <br />Subdivision will not be released for recording, until the Developer has filed with the City a <br />cash deposit or an irrevocable and unconditional Letter of Credit acceptable to the City, in <br />the amount Nine Hundred Eight Thousand, Eight Hundred Twenty Eight and 00/100 <br />Dollars ($908,828.00). Said Letter of Credit shall also provide that funds shall be paid to the <br />City upon written demand of the City to the extent of default herein by Developer in the <br />payment of any amount due or the performance of any other duty or obligation of <br />5 <br /> <br />