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of Crcdit. For the purpose of <br />Iniprovements will be completed <br />agreement, and that Subdivider <br />3ne and materials and supplies <br />ished to the City at the time <br />nent a surety performance bond <br />lercent of all estimated Con- <br />mprovements in form satisfactory <br />f as obligee thereunder. The bond <br />•rmance by Subdivider of his <br />I of the bond herein required or <br />divider has deposited with the <br />n Irrevocable letter of credit <br />ity in at least said amount. <br />to draw upon such funds or letter <br />n to complete the Plan A Improve- <br />nds are deposited with the City <br />ill deposit same in an interest- <br />completes the Plan A Improve- <br />jreement and the work is accepted <br />It of such deposit, together <br />I be refunded by the City to <br />id are set forth in Exhibit 0 <br />:il may authorize reduction of <br />it as completion of the Plan A <br />>on reconmendations by the City <br />‘ estimate of the cost of com- <br />int of the remaining bond or <br />ent of the cost of all amounts <br />t to this agreement to complete <br />ovements. <br />n L. Chari son. Subdivider <br />nature of City Clerk <br />faithful Performance of Construction Contracts anH <br />Warranty Boncl. The Subdivider will fully and faithfully comply <br />with all terms of any and all contracts entered into by the <br />Subdivider for the installation and construction of all Plan A <br />Improvements and hereby guarantees the workmanship and materials <br />for a period of one year following the City's final acceptance <br />of the Plan A Improvements, public or private, and agrees to <br />repair or replace, as directed by the City, and at Subdivider's <br />sole cost and expense, any workmanship or materials that become <br />defective, in the sole opinion of the City, within said one-year <br />period even though notice thereof be given by the City after said <br />one-year period. Concurrently, with the execution of this agree­ <br />ment by the Subdivider, the Subdivider has furnished to, and <br />■‘i <br />at all times thereafter shall maintain with the City a satisfactory <br />and sufficient warranty bond in at least 150 percent of the total <br />estimated cost of Plan A Improvements as determined in Paragraph 4, <br />above, with a surety satisfactory to the City. Included among <br />the obligations of the surety under such bond shall be that <br />the Subdivider shall fully and faithfully discharge Subdivider's <br />obligations with respect to the Plan A Inprovements during the <br />installation and construction period and that may arise as a <br />result of Subdivider's one-year guaranty. <br />Igrv^'ces to be Performed by City and Payment Thprpfnr <br />a) With respect to Plan A Improvements, the City (a) will review <br />and approve the Subdivider's securing of all necessary permits; <br />(b) may make periodic inspection of construction methods and <br />materials; (c) may make final job inspections: and (d) may <br />review and approve as-built drawings and service ties. <br />b) For such services. Subdivider will escrow with the City <br />a sum equal to 3 percent of the total estimated construction <br />cost of all Plan A Improvements at the time of the execution of <br />this agreement. The Subdivider will provide the City Engineer <br />Lynn L. Char)son. Subdivider <br />Signature of City Clerk