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4. Pr>n5;truction of Improvements; <br />A. Commencement Date - The construction of Improvements shall begin no later than <br />_________• <br />B. Completion Date - All Improvements, with the exception of bitunmous wearcourse shall <br />be completed no later than_____________________— <br />C. Contractors - The Developer shall select, retain and supervise the Contractor(s) <br />responsible for Improvement construction. The City reserves the right to require satisfactory <br />proof of successful experience and adequate financial status of any such contractor. Where <br />required by City ordinance, the contractor shall first obtain a license fi:om the City. <br />D. Preconstruction Conference - Prior to the start of any construction, the Developer ^d <br />the Developer's Contractor shall meet with the responsible City official to review <br />construction plans and schedules. <br />• •• • <br />■ E. Permits - Prior to the start of any construction, the Developer’s Contractor shall apply <br />for and receive all necessary permits firom the City and/or government agencies having <br />jurisdiction. <br />F. Construction - The construction, installation and materials shall be in accordance with <br />the plans and specifications approved by the City. <br />• • <br />G. Insurance - The Developer will cause each person who constructs and installs any <br />Improvement to m^tain complete insurance coverage including Workmen ’s Compensation, <br />Liability and Property Damage. <br />5, Performance Deposit: For the purposes of assuring to the City that the Iinprovements ^1 <br />be completed according to the terms of tMs agreement, and that the Developer will pay all claims <br />for work done and materials and suppUes furnished, the Developer has deposited with the City at <br />the time of the execution of tiiis agreement an irrevocable letter of credit in a form sa^actory to <br />the City providing that the City is able to draw upon such letter of credit in its sole diswetion to <br />complete the Improvements if the Developer fails to satisfactorily complete the work prior to the <br />completion date specified in Section 4 above.. The amount of such deposit sh^l not be reduced <br />before substantial completion of the Improvements. The letter of credit shall e^qpire no sooner than <br />September 30, 2000. <br />Initials of Subdivider ^ Lk <br />Initials of City Clerk ____ <br />Page 3 of 7