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CiTY 0� ORONO � 61�4730510 01/10/97 11 :52 � :OS/48 N0:786 <br /> 1. Prop��v [mnrovements: 1n accorciance with the policies a�id ordinances of the City, the <br /> folic��vin�; d�scribed private improvements arc proposed to be construcfed hy the Property <br /> Owner or his/her contractor, who has applied ta the City for a huilding permit for said <br /> private property improvemcnts (the "I'roperty lmpravements"}; <br /> �� ` �;K,,.u,�,,Z �iN,���� <br /> —t..:� ;1'�ri cY" <br /> 2. lssu�nc;e c�f BLiI�in� Pennit for Prop�xcx j�provements; 'I'he City a�rees to issue a buil�lin�; <br /> permit for the Property Improvements at lhis tiiz�e, subject to couformance wiih all current <br /> City st�ndards and ordin�nces fii�r all applicable work. <br /> 3. Sentic Svstem Un�rade: In accurd�nce with tilc ordinances and requirements of the �ity, <br /> the Praperty t�wner hereby agrees to complete the required upgrade of the septic system no <br /> �� later than R!�31, 1997 (4he "Completion Uate"}. <br /> _'"'�7"�r <br /> 4. � tn ic System �1��r�de ln5talla�ion: The desi�n loct�tion, constructic�n, instullation and <br /> materials for septic system upgrade �1�Ai1 be in accordanc� with the pl�uis and speciticatie�nti <br /> approved by the City and Attached to this a�reement u5 E�hibit �3 (thc "Septic <br /> Improvements"). <br /> S. Perfarmance Deuusi�; Fni• [be purposes of assuring to t��e City thut tl�e Septic Iii�provements <br /> will be completed according to thc ienns of this agreement, ihe Property Owner ha5 <br /> deposited with the City at the time oi' the execution of this agrcement an irrevocable letter <br /> of credit in a form satisfactary to thc City prc�vidinb that the City is able to draw upon such <br /> letter af credit in its s�le discretion to complete the Septic Improvements if the Property <br /> Owner fails to satigfaetorily cump]ete the work prior tU the Conipletion Date, The amo�.uit <br /> of the letter of credii shall not be reduced bef�re substantial completion of the Septic <br /> Initials af Property Owner <br /> Initiats of City Clerk <br /> Page 2 of 5 <br />