03-08-1999 Council Packet - Laserfiche WebLink

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and the City Engineer's estimate of the cost of completion of all remaining Plan A Improvements and so long as the amount of the letter of credit equals at least 50% of the cost of all amounts to be paid by Subdivider pursuant to this agreement to complete the remainder of the Plan A Improvements. Final release of the letter of credit shall not be made until completion of all public or private Plan A Improvements and final acceptance or approval thereof by the City Engineer and until receipt of all appropriate lien waivers acknowledging complete payment for all labor, materials and services related thereto. B Warranty and Guarantee for Plan A Improvements. Concurrently, with the execution of this agreement by the Subdivider, the Subdivider will furnish to the City the attached instrument (Exhibit G) as warranty and guarantee for the Plan A Improvements in at least 10% of the total estimated cost of Plan A Improvements as determined in paragraph 3 above. Included among the obligations of the instrument are the requirements that the Subdivider shall fully and faithfully discharge Subdivider’s obligations with respect to the repair or replacement of any Plan A Improvement or portion thereof that may be ordered by the City during the one-year guarantee period, or within 30 days thereafter and that all persons doing work or furnishing skills, tools, machinery, materials, insurance premiums, equipment or supplies in connection wth said repair or replacement shall be paid therefore, including payment to the City for any such work as may be undertaken by the City, its employees or contractors. Final expiration of Exhibit G shall not occur until at least 30 days after expiration of the one-year guarantee period, and then not until final acceptance or approval of all public or private Plan A Improvements by the City Engineer, including a certification that no defective workmanship or materials are present and that any and all required repairs or replacements have been satisfactorily completed. Depending upon the nature or extent of any defective materials or workmanship, repairs or replacements as may be found by the City during the guarantee period, the City may require and the Subdivider shall and hereby does agree to extend the guarantee and the warrantee in Exhibit G for an additional period of time not to exceed one additional year beyond the completion date of the last such repair or replacement. Plan B Improvements Construction Security. Letter of Credit. Subdivider will deposit with the City an irrevocable letter of credit in a form satisfactory to the City in an amount equal to one hundred fifty percent of the estimated cost of the Plan B Improvements providing that the City is able to draw on the letter of credit in its sole discretion to complete the Plan B Improvements. The amount required for the letter of credit is set forth in Exhibit E attached hereto. The letter of credit may be replaced by an alternate form of security acceptable to the City.