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the terms of this agreemenr and thet\h! according to <br />claims for work done and i. ^ Developer will pay all <br />Developer has deposited with the City at^^he^t^ furnished, the <br />of this agreement, a surety performa^o^^^Vh'execution <br />letter of credit in a fo^m irrevocable <br />the City is able to draw upon such^h°^^ City providing that <br />sole diLretion to compLtrthr?L^°^^ or letter of credit in its <br />to satisfactorily complete the wor? if the Developer fails <br />specified in SecLSr? above ?he anoint Tf ^^^-^-P^^tion date <br />be reduced before substantial comple;ion of th^Lp^vl^Lts!'" <br />A.Surety Performance Bond - if « cmr^at-v <br />^ satisfactory to the City and <br />Sni obligee thereunder. Th^ <br />Developer upon performance by thev.loper ot Its obligations hereunder. <br />B. <br />lettli of credit ?^Pi^3tion - If an irrevocable*I credit IS deposited with the City said <br />tter of credit shall expire no sooner than six <br />SeStiin^raLi^® completion date specified in section 4 above, or no sooner than <br />wnichever is later. - - - -- - - - -- <br />;c <br />Deposit Amount shall be 150^ of the <br />estimated construction cost. <br />Estimated Construction $ <br />X 1503!j = Deposit Amount $lorn:? <br />City fees required per thrcurfent™itv^^ei°Sch a°agrees to completely reimburse thP citZ ^ Schedule and further <br />overhead, costs, and f4es paid to consult^Ats'^^f othe^ prSIs^^onals. <br />Initials of Developer <br />Initials of City Clerk <br />Page 4 of 7 <br />'V..