#372 Subdivider's Agreement for Kelley Green

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coverage (including Workmen's Compensation, liability and property damage) as is required on City contracted construc- tion jobs as det~rmined by the general specifications now in use. 5. A. Performance Bond or Letter of Credit. For the purpose of assuring to the City that the Improvements will be completed according to the terms of this agreement, and that Subdivider will pay all claims for work done and materials and supplies furnished, Subdivider has furnished to the City at the time of the execution of this agreement a corporate surety performance bond in the amount of at least 150% of all estimated Construction Costs of the Plan A Improvements in form satisfactory to the City and naming the City as obligee thereunder. The bond shall be conditioned upon performance by Subdivider of its obligations hereunder. In lieu of the bond herein required or at the request of the City, Subdivider has deposited with the City cash, certified funds or an irrevocable letter of credit in a form satisfac- tory to the City in·at least said amount, provided that the City is able to draw upon such funds or letter of credit in its sole discretion to complete the Plan A Improvements. If cash or certified funds are deposited with the City as herein provided, the City shall deposit same in an interest- bearing account. If Subdivider completes the Plan A Improve- ments in accordance with this agreement and the work is accepted by the City, the principal amount of such deposit, together with all interest thereon, shall be refunded by the City to Subdivider. The amounts required are set forth in Exhibit D attached hereto. The City Council may authorize reduction of the amount of such bond or deposit as completion of the Plan A Improvement progresses, based upon recommendations by the City Engineer and the City Engineer's estimate of the cost of completion, . and so· long as the amount of the remaining bond or deposit equals at least 150% of the cost of all amounts to be paid by-Subdivider pursuant to this agreement to com- plete the remainder of the Plan A Improvements. 5. B. F~ithful Performance of Construction Contracts and Warranty Bond. The Subdivider will fully and faithfully comply with all terms of any and all contracts entered into by the Subdivider for the installation and construction of all Plan A Improvements and hereby guarantees the workmanship and .materials for a period of one year following the City's final acceptance of the Plan A Improvements, public or private, and agrees to repair or replace, as directed by the City, and at ivider -1-