8.1. SR 06-03-2019 - Laserfiche WebLink

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of Credit shall be a guaranty to the City that the Improvements,restoration of the GNT 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 until the Improvements and restoration of the GNT 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 current amount. (02) Security for Warranty. The cash deposit or letter of credit provided pursuant to Section 9(01) above, shall remain in effect to secure the Warranty provided for in Section 6(11) above, and shall not be released until expiration of the two (2)year warranty period. 9. 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 construction of the Improvements,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 Improvements, review of construction plans and documents, the payment of fines and penalties imposed on the city as a result of non-compliance with any permit or failure to obtain necessary permits, and all costs and expenses incurred by the City in monitoring and inspecting development of the Improvements. (02) The Developer shall hold the City and its officers, employees, and agents harmless from claims made by itself and third parties for damages sustained or costs incurred resulting from installation of the Improvements. The Developer shall indemnify the City and its officers, employees, and agents for all costs, damages, or expenses which the City may pay or incur in consequence of such claims,including attorneys' fees. (03) The Developer shall reimburse the City for costs incurred in the enforcement of this Agreement,including engineering and attorneys' fees. (04) The Developer shall pay in full all bills submitted to it by the City for obligations incurred under this Agreement within sixty (60) days after receipt. If the bills are not paid on time, the City may halt construction of the Improvements until the bills are paid in full. Bills not paid within thirty (30) days shall accrue interest at the rate of eighteen percent (18%) per year. 10. General Provisions. (01) Binding Effect. The terms and provisions hereof shall be binding upon, and inure to the benefit of the heirs,representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or part of the Improvements and shall be deemed covenants running with the land. References herein to Developer,if there be more than one, shall mean each and all of them. This Agreement shall be placed of record so as to give notice hereof to subsequent purchasers and encumbrances of all or any part of the Improvements, and all recording fees,if any, shall be paid by the Developer. 5