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4. Construction of Improvements <br />A. Commencement Date - The construction of Improvements shall begin no later than July <br />15, 1999. <br />B. Completion Date - All Improvements, with the exception of bituminous wearcourse shall <br />be completed no later than September 30, 1999. <br />C. Contractors - The Developer shall select, retain and supervise the Contractor(s) <br />responsible for Improvement construction. The City reserves the right to require satisfactory <br />proof of successful experience and adequate financial status of any such contractor. Where <br />required by City ordinance, the contractor shall first obtain a license from the City. <br />D. PreConstruction Conference - Prior to the start of any construction, the Developer and <br />the Developer's Contractor shall meet with the responsible City official to review <br />construction plans and schedules. <br />E. Permits - Prior to the start of any construction, the Developer's Contractor shall apply <br />for and receive all necessary permits from the City and/or government agencies having <br />jurisdiction. <br />F. Construction - The construction, installation and materials shall be in accordance with <br />the plans and specifications approved by the City. <br />G. Insurance - The Developer will cause each person who constructs and installs any <br />Improvement to maintain complete insurance coverage including Workmen's Compensation, <br />Liability and Property Damage. <br />5. Performance Deposit: For the purposes of assuring to the City that the Improvements will <br />be completed according to the terms of this agreement, and that the Developer will pay all claims <br />for work done and materials and supplies furnished, the Developer has deposited with the City at <br />the time of the execution of this agreement an irrevocable letter of credit in a form satisfactory to <br />the City providing that the City is able to draw upon such letter of credit in its sole discretion to <br />complete the Improvements if the Developer fails to satisfactorily complete the work prior to the <br />completion date specified in Section 4 above. The amount of such deposit shall not be reduced <br />before substantial completion of the Improvements. The letter of credit shall expire no sooner than <br />September 30, 2000. <br />Initials of Subdivider <br />Initials of City Clerk <br />Page 3 of 7 <br />