03-14-2005 Council Packet - Laserfiche WebLink

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10. I. Insurance - The Developer will cause each person who consiructs and installs any hnprovenicnt to inainia n complete insurance coverage including Workmen's (Compensation, Liability and l*roperty Damage. Pcrforniancc Security. For the pur|>uscs ofa.ssuring to the(Oity that the lm|)rovements will he completed according to the terms oftliis agreement, and that the Developer will payor will cau.se to have paid all claims for work done anu materials and supplies funiishcd, the Developer or his GcncralContractorwindeiKxsitwithlhcCitypriorloissuanccofsitegradingand building pcmiits an irri‘viM;ablciellerofi're(iil (LOG) fiom a l(Kal (Twin Cities are;«) financial institution in a fonn satisfactory to the City providing that the City is able to draw upon such letter oferedit in its sole discretion to complete the Improvements ifthe Developer fails to .satisfactorily complete the work prior to the completion date specified in Section 7 above. Fuilher, i fthe rei|uired improvements arc not completed at least thirty (30) days prior to the expiration of the l.OC, the City may also draw on the LOC. If the security is drawn down, the draw shall be used to cure the default. The amount of such deposit .shall be 1 50% of the estimated improvement costs jier the .schedule to be attached to this document as ■•'xliihit B. With City ap|iioval, the amount of the L(X' may be reduced from time to time as substantial elements of the improvements are completer.' and approved by the C'ity Imgincer, but in no case shall the L(X ' be reduced to a point less than 1 0% oftheonginal amount until all improvements arc complete and accepted by the City. The letter of ciedit shall expire no .sooner than one year after the completion date .specified in Section 7 above, to allow for at least one fretv.e-thaw cycle for parking lot .settlement. .Security to ensure .survival of land.scaping vegetatiou .shall be retained for eighteen (18) months after planting. Fees and Expenses. I hc I )cvclopcr agrees to pay all ('ity f ees required per the current ( .'ity Fee Sche<hde and tin ther agrees to completely reimburse the City for all the variable additional expcn.ses it incurs in regard to the review. inspecti»)n and appurval of the Impnrvements including, but not limited to, direct ('ity payroll and overhead, co.sts, and fees paid to consultants and other profc.ssionals, which arc not covered by City application fees. Notice. I<et|uired notices to the Developer and Owner shall be in writing, and shall be cither hand deli vei cd to the I )evelo|KT, Ihc (7wner, their employiTs or agents, or mailed to tlic Developer and Owner by registereil mail at the following addresses; Developer:Owner: Noticc.s to the ('ity .shall be in writing and .shall be either hand dcliveretl to the City Administrator, or mailed to the City by ieg'.stercd mail in care of the City Admini.strator at the fitllowing mlilress: Orono City Offices, 2750 Kelley Paikway, I’.O. Uox 66. Cry.stal Hay, Minnesota 55.123. Telephone (d52) 249 4600. AF-5