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r� <br />4. Septic System Upgrade Installation: The design location, construction, installation and <br />materials for septic system upgrade shall be in accordance with the plans and specifications <br />approved by the City and attached to this agreement as Exhibit B (the "Septic <br />Improvements"). <br />6. Performance Deposit: For the purposes of assuring to the City that the Septic Improvements <br />will be completed according to the terms of this agreement, the Property Owner has <br />deposited with the City at the time of the execution of this agreement an irrevocable letter <br />of credit in a form satisfactory to the City providing that the City is able to draw upon such <br />letter of credit in its sole discretion to complete the Septic Improvements if the Property <br />Owner fails to satisfactorily complete the work prior to the Completion Date. The amount <br />of the letter of credit shall not be reduced before substantial completion of the Septic <br />Improvements. The term of the letter of credit shall be a period of one year. City shall <br />return the letter of credit to Property Owner upon acceptance of the Septic Improvements. <br />7. Bin ' g Effect: The terms and provisions hereof shall be binding upon and inure to the <br />benefit of the heirs, representatives, successors and assigns of the parties hereto and shall <br />be binding deemed covenants running with the land. References herein to Property Owner, <br />if there be more than one, shall mean each and all of them. This agreement shall be <br />executed by the Property Owner and City and shall be placed of record so as to give notice <br />hereof to subsequent purchasers and encumbrancers of all or any part of the property, and <br />all recording fees, if any, shall be paid by the Property Owner. <br />S. Notices: Whenever in this agreement, it shall be required or permitted that notice or <br />demand be given or served by either party to this agreement to or on the other party, such <br />notice or demand shall be delivered personally or mailed by United States certified mail <br />(return receipt requested) to the addresses set forth below. Such notice or demand shall be <br />deemed timely given when delivered personally or when deposited in the mail in accordance <br />with the above. <br />Notice to City Notice to PropcM Owner <br />City of Orono W, d SDh <br />Clerk/Administrator UI <br />P.O. Box 66 /V . Fe-r rid a-te. C� <br />Crystal Bay, MN 55323 <br />OA--v00 <br />S3gi <br />Initials of Property Owner 7WJD <br />Initials of City Clerk <br />Page 3 of 5 <br />