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E. Permits - Prior to the start of any construction, <br /> the Developer' s Contractor shall apply for and <br /> receive all necessary permits from the City and/or <br /> government agencies having jurisdiction. <br /> F. Construction - The construction, installation and <br /> materials shall be in accordance witht3ze plans and <br /> specifications approved by the City. <br /> G. Insurance - The Developer will cause each person <br /> who constructs and installs any Improvement to <br /> maintain complete insurance coverage including Workmen's <br /> Compensation, Liability and Property Damage. <br /> S. Performance DeEosit: For the purpose of assuring <br /> to the City t�iat t�mprovements will be completed according to <br /> the terms of this agreement , and that the Developer will pay all <br /> claims for work done and materials and supp lies furnished, the <br /> Developer has deposited with the City at the timec€ the execution <br /> of this agreement , cash, certitied funds or an irrevocable letter <br /> of credit in a form satisfactory to the City providing that the <br /> City is able to draw upon such funds or letter of credit in its <br /> sole discretion to complete the Improvements. If the Developer fails <br /> to satistactorily complete the work prior to the completion date <br /> specified in Section 4 above. <br /> A. Deposit Interest - If cash or certified funds are <br /> deposited with the City as herein provided, the City <br /> shall deposit same in an interest-bearing account. <br /> If Developer completes the Improvements in accordance <br /> with this agreement, the principal amount of such <br /> deposit, together with all interest thereon, shall <br /> be refunded by the City to the Developer. <br /> B. Letter of Credit Expiration - If an irrevocable <br /> letter of credit is deposited with the City, said <br /> letter of credit shall expire no sooner than six months <br /> after the completion date specified in Section 4 above, <br /> ar no sooner than October 30, 1979, whichever is later. <br /> C. Perfannance Deposit Amount - $3,000.00. <br /> 6. Fees and Ex Pe� n-s�-es: The Developer agrees to pay all <br /> City fees require per the current City Fee Schedule and further <br /> agrees to completely reimburse the City for all the variable <br /> additional expenses it incurs in regard to the review and approval <br /> of the Improvements inc�nding, but not limited to, direct City pay- <br /> roll and overhead, costs , and fees paid to consultants and other <br /> professionals. For the purpose of assuring the City that these expenses <br /> Initials of Develop�����.i�� <br /> Initials of City Clerk ,� <br /> -3- <br /> - - - — • <br />