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c. Contractors--The Developer shall select,retain and.supervise the Contractor(s} responsible for Improvement construction. The City reserves the right to require satisfactory proof of successful experience and adequate financial status of any such contractor. Where required by Ciiy ordinauce,the cantractoz shali first obtai.n a license from the City. d. PreConstntction Conference--Prior to the start of any construction,the Developer and the Developer's Contractor sha11 meet with the responsible City official to review construction plans and schedules. e. Permits-Prior to the start of any construction,the Developer's Contractor shall apply for and receive all necessary permits from the City and/or government agencies having jurisdiction. No building permits will be issued until all drainage facilities and drai.nage improvements have been installed and a satisfactory road base,including the first biiuminous layer,has been instalied. f. Construction-'I'he construction,installation and materials shall be in accordance with the plans and specifications approved by the City. g. Insurance-The Developer will cause each person who constiucts and installs any Improvement to maintain complete insurance covera.ge including Worker's Compensation, LiabiliTy and Property Damage. 5. Performance De�posit: For#he purposes of assuring to the City that the Improvements will be completed according to the terms of this agreement,and that the Developer will pay all claims for work done and materiais and supplies furnished,the Developer has deposited with the City at the time of the execution of tlus a�eement an irrevocable letter of credit in a form satisfactory to the City providing that the City is able to draw upon such letter of credit in its sole discretion ta complete the Impravements if the Developer fails to safisfactorily complete the work prior to the completion date specified in Section 4 above.The amount of such deposit shall not be reduced before substantial completion of the Improvements.The letter of credit shall expire no sooner#han six months aftez the completion date specified in Section 4 above,or no sooner than August 31,2006,whichever is later. b. Fees and Exnenses: The Developer agrees to pay all Ci#y fees required per the ciuxent City Fee Schedule and further agrees to completety reimburse the City for all the variable additionai expenses it incurs in regard to the review and approval af the Improvements i.ucluding,but not Iirnited to,direct City payroll and overhead, costs,and fees paid to consultants and other professionals. 7. Resolutions of Citv. Developer agrees to be bound by the provisions set forth in all resolutions of the City Council approving the Development. 8. Termination: This Agreement shall be terminated upon the completion of all Improvements set forth in this Agreement. - Page 3 of 5 Initials of Developer InitiaLs of City Cierk �