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1 I <br />E. Permits - Prior to the start of any construaion, the Developer's <br />Contraaor shall apply for and receive all necessary permits from the City and/or <br />government agencies having jurisdiction. <br />F. Construction - The construction, installation and materials shall be <br />in accordance with the plans and specifications approved by the City. <br />G. Insurance - The Developer will cause each person who constructs <br />and installs any Improvement to maintain complete insurance coverage including <br />Workmen's Compensation, Liability and Property Damage. <br />5. Performance Deposit: For the purposes of assuring to the City that the <br />Improvements will be completed according to the terms of this agreement, and that the <br />Developer will pay all claims for work done and materials and supplies furnished, the <br />Developer has deposited \vith the City at the time of the execution of this agreement an <br />irrevocable letter of credit in a form satisfactory to the City providing that the City is <br />able to draw upon such letter of credit in its sole discretion to complete the <br />Improvements if the Developer fails to satisfactorily complete the work prior to the <br />completion date specified in Section 4 above. Tlie amount of such deposit shall not be <br />reduced before substantial completion of the Improvements. The letter of credit shall <br />expire no sooner than six months after the completion date specified in Seaion 4 above, <br />or no sooner than______________________, whichever is later. <br />6. Fees and Expenses: The Developer agrees to pay all City fees required per <br />the current City Fee Schedule, e.\cept that the Park Dedication Fee shaU be $20,500.00, <br />and further agrees to completely reimburse the City for all the variable additional <br />expertses it incurs in regard to the review and approval of the Improvements including, <br />but not limited to, direct City payroll and overhead, costs and fees paid to consultants <br />and other professionals. <br />7. Resolutions of City: Developer agrees be bound by the pro'dsions set <br />forth in all resolutions of the City Council approving the Development. <br />8. Binding Effea: The terms and provisions hereof "hall be binding upon and <br />inure to the benefit of the successors and assigns of the parties hereto and shall be <br />binding deemed covenants running with the Property. References herein to Developer, <br />if there be more than one, shall mean each and ail of them. This agreement to be <br />executed by the Developer, shall be placed of record so as to give notice hereof to <br />Initials of Developer <br />Initials of Ciiv Clerk <br />Page 3 of 6 <br />!