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01i16i96 16:02 THE ��ITY OF ORONO 612-a73-7357 005 <br /> 4. �,�tiC ���steTn Uj�rA e Inst�'l�;io : Tile design location, constructian, installation arad <br /> n�ateri�.ls for septic system upg�de shall be in acc�rdancc with thc plans and specifications <br /> approved by the City and aitached ia this agrecment as E�ibit B (the "Septic <br /> Improvements"). <br /> 5. T�ec��,sidet�tton� No later than thirty (30) days pric�r to the Coznpletion Date, the Properiy <br /> (.7wner may r�quest rcconsideratian of tt�is a��•eement by thc City CounciI if Qne of the <br /> follawing has occurred: <br /> A. The City Cauncil has made � dc;cision to provide �nunicipal sewcr to the <br /> neighborhoud i►lcluding thc Property; or <br /> B. The City Cot�ncil h� rnade no decisian whether municipal sewer wiil bc �Srovided <br /> to the nei�l�i�orhood and the Prc�perty. <br /> In the event of reeonsideration, th� City Cou��ci( l2l its sc�le discretian may determine <br /> whether the Completion Date may be extend�d �or ih� Septic Improvements or, in lhe event <br /> that municipAi sewer will be provided, to declare th� Septic Iinprovements clausc of t�us <br /> agre�ment null ar�d void, and City shail immediately retv.rn the letter of eredit ta Property <br /> Owner. <br /> 6_ perfntm�nce �eposit� For the purposes of assuring to the City that ihe Septic Improvements <br /> wiil be completec� according to the terms of this agreement, the Property awner has <br /> deposited with the City at the tim� of the execution of this agreement tin irrevocabic letter <br /> of credit in a form satisfactory to t1�e City providing that the City is abl� to drarv upon such <br /> letter o� crcdit in its sole discretion to �omplete the Sept'se Improvenients if the Property <br /> Owner faiis to satisEaetorily complete the �vork prior to the Completiori Date. Thc alnount <br /> o� the letter of credit shaIl not be reduced before substantial completian of the Septic <br /> Improvements. The tcrm c�f the letter of credit shali be a period of on� year• City shatl <br /> return t��e letter af crediL to Yrope�ty t�wner upon accept�nce af the Septic Improvenicnts. . <br /> '7. � di ffe • Tlie te�rrns and provisions hereof shall be i�inding upon and inure to the <br /> benefit of ttae h�irs, representatives, successors and assigns af the parties hereto and shali <br /> be binding dcemed covenants running with tlte land. Refe�ences herein to Property Owner, <br /> if there be more than one, shall mean eacl� and all of them. This agreemeiit shall be <br /> executed by tt�e Property Uwner and City and shall be placed of recard so as to give notice <br /> hereo� to subsequent purchasers f►nd encumbrancers of all or �ny part of the property, and <br /> aJ! recording fees, if any, shall be paid by thc Property �wner. <br /> 1 <br /> Ynicials of ProperLy avv��er�=�'�� <br /> Initials of Ciry Clerk <br /> Page 3 of 6 � <br />