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n the Subdivision after <br />:ion of storm sewer, sanitary <br />proven«nts shall be commenced <br />iS sections are approved in <br />The Subdivider shall cause <br />igineer in writing a state- <br />ieating the contractor who is <br />Jie approved section after <br />iwer, sanitary sewer, watermain <br />fork shall be under the sole <br />‘ Subdivider. <br />! City. All of the work shall <br />tpproval of the City Engineer <br />;her governmental agency having <br />' shall make available to the <br />all permanent or temporary <br />istallation of the Plan A <br />r the City Engineer. All such <br />^y shall be in writing, in <br />^ndard easement form of the <br />id conditions as the City <br />’’Will cause each person who <br />Ian A Improvements to furnish <br />:e of complete insurance <br />Condensation, liability and <br />“ed on City contracted con- <br />ly the general specifications <br />L. Charlson, Subdivider <br />iture of City Clerk <br />Performance Bond or Letter of Credit. For the purpose of <br />assuring to the City that the Improvements will be completed <br />according to the terms of this agreement, and that Subdivider <br />will pay all claims for work done and materials and supplies <br />furnished. Subdivider has furnished to the City at the time <br />of the execution of this agreement a surety performance bond <br />in the amount of at least 150 percent of all estimated Con­ <br />struction Costs of the Plan A Improvements in form satisfactory <br />to the City and naming the City as obligee thereunder. The bond <br />shall be conditioned upon performance by Subdivider of his <br />obligations hereunder. In lieu of the bond herein required or <br />at the request of the City, Subdivider has deposited with the <br />City cash, certified funds or an irrevocable letter of credit <br />in a form satisfactory to the City in at least said amount, <br />provided that the City is able to draw upon such funds or letter <br />of credit in its sole discretion to complete the Plan A Improve­ <br />ments. If cash or certified funds are deposited with the City <br />as herein provided, the City shall deposit same in an interest- <br />bearing account. If Subdivider completes the Plan A Improve­ <br />ments in accordance with this agreement and the work is accepted <br />by the City, the principal amount of such deposit, together <br />with all interest thereon, shall be refunded by the City to <br />Subdivider. The amounts required are set forth in Exhibit D <br />attached hereto. The City Council may authorize reduction of <br />the amount of such bond or deposit as completion of the Plan A <br />Improvement progresses, based upon reconmendations by the City <br />Engineer and the City Engineer's estimate of the cost of com­ <br />pletion, and so long as the amount of the remaining bond or <br />deposit equals at least 150 percent of the cost of all amounts <br />to be paid by Subdivider pursuant to this agreement to complete <br />the remainder of the Plan A Improvements. <br />Lynn L. Charlson, Subdivider <br />Signature of City Clerk