04-23-1990 Council Packet - Laserfiche WebLink

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E. Permits - Prior to the start of any construction, the Developer's contractor, subcontractors and independent contractors shall apply for and receive all necessary permits from the City and/or government agencies having jurisdiction. F. Construction - The construction, installation and materials shall be in accordance with the plans and specifications approved by the City. G. Insurance - The Developer will cause each person who constructs and installs any Improvement to maintain complete Insurance coverage including Workmen's Compensation, Liability and Property Damage. Vacation of Existing Easements. The City has vacated the drainage and utility easements within Outlot A and Lots 1 and 2, Block 3, Ringerswood and has extinguished the existing Flowage and Conservation Easement as provided in Hennepin County Document No. 1492901. Termination of Access. The Developer has terminaced the access from Lots 1 and 2, Block 2, East Willow Woods to Highway 12 as provided at Hennepin County Document No. 797201 such that such lots access public streets via the public streets in Ringerswood. Such termination of access does not impair the right of access to and from Highway 12 for the balance of the property in East Willow Woods. Performance Deposit; For the purposes of assuring to the City that the Improvements will be completed according to the terms of this agreement, and that the Developer will pay all claims for work done and materials and supplies furnished, the Developer has deposited with the City at the time of the execution of this agreement an irrevocable letter of credit in a form satisfactory to the City providing that the City is able to draw upon such letter of credit in its sole discretion to complete the Improvements if the Developer fails to satisfactorily complete the work prior to the completion date specified in Section 4 above. The amount of the letter of credit may not be reduced before substantial completion of the improvements. The developer may request partial reductions for completed work. The letter of credit shall expire no sooner than six months after the completion date specified in section 4 above. The amount of the letter of credit shall be 150% of the estimated cost of the improvements. Fees and Expenses; The Developer agrees to pay all City fees required per the current City Fee Schedule and further agrees to completely reimburse the City for all Initials of Developer (2./-^ Initials of City Clerk _ _ _ Page 3 of 6