4.7 SR 08-15-2022 - Laserfiche WebLink

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(10) L.icense. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the Subdivision to perform all work and inspections deemed appropriate by the City in conjunction with the Development. (11) Faithful Performance of Construction Contracts. Develo�er will fullv and faithfull�� erform the installation and construction of the Im�rovements in accordance with the a�oroved plans and snecifications therefore and shall com�1�- with all terms of anv and all contracts entered into b�r the Developer for the installation and construction of all such Improvements, at no ex�ense to the Cit��. (12) Warrantv. Developer herebe warranties the workmanshi� and materials respecting such Im�rovements for a�eriod of two (2� �ears following the Cit�'s final acce�tance of the Im�rovements and agrees to repair or re�lace, as directed b�- the Cit� and at Develo�er's sole cost and ex�ense. anv work or materials that become defective, in the sole opinion of the Cit� within said two (2� �ear �eriod e�ren though notice thereof be given b�� the Cit�- after said two (� vear �eriod. Cit� Installed Im�rovements. (01) The Subdivision will have no City installed Improvements. 8. Fees and Securit� for Develo�er's Performance. (01) Cit�- Administration and Construction Observation Fees. Developer shall reimburse the Cit�- for all the City's costs and expenses incurred in the processing of the Subdivision and installation of improvements, including 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 equit�- to which the City shall become a party in reference to the Developer's interest in the Development. 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 �unount of five percent (5%) 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, supen=ision of construction obsenration, 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 five percent (5%) 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 e�perienced in excess of the escrow are the responsibility of the Developer. These costs will be billed direcdy to the Developer and become due per the terms stated in Section 10. Upon acceptance of all completed improvements, as required by this agreement, any remaining balance will be returned to the developer within 30 day s. (02) Securit�- for Develo�ers Performance. (A) 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 $1,410,596.35. 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 dut�- or obligation of Developer pursuant to this Agreement, including De�=eloper's obligations to complete Improvements, to complete on-site Landscape Improvements, and to mal�e payment of any amounts due hereunder.