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materials« insurance premiums, equipment, or supplies in connection <br />with the construction and installation of the Plan A Improvements, <br />or in connection with any work thereon under the one-year guaranty <br />of Subdivider, shall be paid therefor. <br />In lieu of the bond herein required or at the request <br />of the City, Subdivider will deposit with the City an irrevocable <br />letter of credit in a form satisfactory to the City in at least <br />said amount, providing that the City is able to draw upon such <br />letter of credit in its sole discretion to complete the Plan A <br />Improvements. The amounts required for the bond or letter of <br />credit are set forth in Exhibit E attached hereto. The City <br />Council may authorize reduction of the amount of such bond or <br />letter of credit as completion of the Plan A Improvement <br />progressees, based upon recommendations by the City Engineer and <br />the City Engineer's estimate of the cost of completion of all <br />remaining Plan A Improvements and so long as the amount of the <br />remaining bond or letter of credit equals at least 50% of the cost <br />of all amounts to be paid by Subdivider pursuant to this agreement <br />‘to complete the remainder of the Plan A Improvements. Final <br />•• <br />expiration of the bond or release of the letter of credit shall not <br />be made until completion of all public or private Plan A <br />Improvements and final acceptance or approval thereof by the City <br />Engineeer and until receipt of all appropriate lien waivers <br />acknowledging complete payment for all labor, materials and <br />services related thereto. <br />-12-