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���� ���� ��, �tt� � <br /> ����Q��!l�ED � <br /> 5. Performance Deposit: For the purposes 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, a surety performance bond or an irrevocable <br /> letter of credit in a form satisfactory to the City providing that <br /> the City is able to draw upon such bond or letter of credit in its <br /> sole discretion to complete the Improvements if the Developer fails <br /> to satisfactorily complete the work prior to the completion date <br /> specified in Section 4 above. The amount of such deposit shall not <br /> be reduced before substantial completion of the Improvements . <br /> A. Surety Performance Bond - If a surety performance <br /> bond is deposited with the City, said bond shall <br /> be written in a form satisfactory to the City and <br /> shall name the City as obligee thereunder. The <br /> bond shall be conditioned upon performance by the <br /> Developer of its obligations hereunder. <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 specified in <br /> Section 4 above, or no sooner than OCTOBER 31 , 1986* <br /> whichever is later. <br /> C. Performance Deposit Amount shall be 150i of the <br /> estimated construction cost. <br /> Estimated Construction $ 215.000 <br /> X 150� = Depos it Amount $ 322,500 <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 /> expenses it incurs in regard to the review and approval of the <br /> Improvements including, but not limited to, direct City payroll and <br /> overhead, costs, and fees paid to consultants and other professionals . <br /> * LETTER OF CREDIT TO BE FOR ONE YEAR WITH AN <br /> • AUTOMATIC ONE YEAR RENEWABLE OPTION. <br /> Initials of Developer ti►� <br /> Initials of City Clerk/,���i`�- <br /> � <br /> Page 4 of 7 <br />