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5. Performance Deposit.: For the purpose of assuring <br />to the City that the Improvements 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 supplies furnished, the <br />Developer has deposited with the City at the time of the execution <br />of this agreement, certified funds or an irrevocable letter o►f credit <br />in a form satisfactory to the City providing thai the City is able <br />to draw upon such funds or letter of credit in its sole d"scretion <br />to complete the Improvements if the Developer fails to satisfactorily <br />complete the work, prior to the completion date specified in Section 4 <br />above. The amount of s•ich deposit shall not be r 4uced before <br />substantial completion of the Improvements. <br />A. Certified Funds - If a certified check is deposited <br />with the City, said check shall be made payable to the <br />City of Orono and shall contain no conditions or time <br />limit for withdrawal by the City. Said check shall be <br />held in security and -ill not be cashed or deposited <br />except in default of .is agreement. The check will <br />be returned to the developer within sixty (60) days <br />of satisfactory completion of the Improvements. <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 <br />months after the completion date spe E ie ip <br />Section 4 above, or no sooner than ( t <br />whichever is later. <br />C. Performance Deposit Amount shall be 150% of <br />estimated construction cost. <br />Estimated Construction <br />X 150% = Deposit Amount <br />$ ono S dmAo <br />s J T00 -- <br />6. Fees and Expenses: The Developer agrees to pay all <br />City fees required per the current City Fee Schedule and further <br />agrees to completely reimburse the City for all the variable additional <br />c,penses it incurs in reward to the review and approval of the <br />Improvements including, L,ut not limited to, direct City payroll and <br />overhead, costs, and fees paid to consultants and othei professionals. <br />Initials of Developer <br />Initials of City Clerk - <br />Page 4 of 8 <br />