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SEP. 13. 2006 11 :40AM Mail EDINA REALTY TIT'_E CLAIMS N0, 2964 P. 17/69 Compensation,Liability and Property Damage. 16. Performance IDeposit.For the purposes of assuring to the City that the Improvements will be completed according to the terms of this Agreement, and that the Developer will pay or will cause to have paid all claims for work done and materials and supplies furnished, the Developer or his General Contractor will deposit with the City prior to issuance of site grading and building permits an irrevocable letter of credit in a form satisfactory to the City providing that the City is able to draw upon such letter of credit in its sole discretion to complete the Improvements if the Developer fails to satisfactorily complete the work prior to the completion date specified in Section 15 above. The amount of such deposit shall be 1501/6 of the estimated improvement costs per the schedule to be attached to this document as Exhibit E. The amount of such deposit shall not be reduced before substantial completion of the Improvements. The letter of credit shall expire no sooner than six months after the completion date specified in Section 15 above. 17. Fees and Expenses. The Developer agrees to pay all City fees required per the current City Fee Schedule and further agrees to completely reimburse the City for all the variable additional expenses it incurs in regard to the review and approval of the Improvements including, but not limited to, direct City payroll and overhead, costs, and fees paid to consultants and other professionals,which are not covered by City application fees. 18. Maintenance. Until such time as City approves and accepts the Improvements [which shall occur within sixty (60) days of the later of(i)the date of the final lift of asphalt on Glendale Cove Lane, and (ii)the date of any corrections to the Improvements required by City],the Developer shall be responsible for: a. maintenance of all privately owned Improvements including roads,parking areas, sidewalks, and storm sewers, regardless whether easements for such improvements have been granted to the City; b. maintenance of site lighting, signage and landscaping consistent with the approved Plans for said improvements;and C. maintenance of all sewer and water lines that are defined as "connections" as indicated on the approved Utility Plan. C. Representations 19, Developer Representations and Covenants. The Developer hereby makes the following representations and covenants: (a) The Developer has the legal authority and power to enter into this Agreement. (b) The Developer reasonably expects to obtain financial resources sufficient to enable the completion of the Improvements, Page 7 of 13 Developer Initial— ' City Clerk Initial .