3.6. SR 10-16-2006 - Laserfiche WebLink

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Developer Agreement Trott Brook Farms 12th Page 7 (02) The security provided in accordance with the above may be released, upon request of Developer, within 30 days or receipt of the request. The amount released 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, . (n) the security will not be released below One Hundred Six Thousand Nine hundred seventy four and 09/100 Dollars ($106,974.09), 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 and to fulfill the requirements of the Wetland 'Mitigation, if applicable. (03) 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 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) Upon completion and acceptance by the city of the Improvements, a warranty bond in the amount of $109,274.09 shall be submitted to 'the city to secure the guarantee provided for in Section 3 (09) of this agreement. The bond shall remain in effect for a period of one year from the date of the City's acceptance of the Improvements. (OS) Prior to release of the Final Plat by the City, the Developer shall provide a Letter of Credit in the amount of $39,000 ($3,000 per lot) as a financial guarantee of completion and establishment of landscaping requirements including lot turf grass and trees. The City, its employees, agents or contractors shall have the right to go upon the property to complete the landscaping without permission of the owner of the property or lot, and shall not berliable for trespass. 9.) Additional Conditions - Developer specifically agrees to each of the conditions attached as EXHIBIT B to City Council Resolution No. 06 - 83 (attached as EXHIBIT B to this Agreement), which conditions are hereby specifically incorporated into this Agreement and made a part hereof. Developer also agrees to the following conditions: S:\PLANNING\Case Rles\2006\Plat\P 06-11 Trott Brook Farms 12th\Trott Brook 12 Development Agreement.DOC