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�E?, 13, 20u6 11 ;40AM Ma I 1 �DINA REA! TY T�i_E C LAI�IS N0, 2964 P, 1 i%�° Compensation,Liability a�d Properiy Daanage. 16. Perfornianee Z]eposi�For the purposes oF assuring to the City that the Improvements will be completed according to the terzns of this A�reemen� and thati the Developex will pay or will cause to have p�id all claims for work do�ue and materials and supplies futnished, the DEveloper or his General Confiractor will deposit with the Cit� prior to z.ssuance of szte gradin�an,d buildzz�g permYts an irrevocable letter of crccdit in a �orm satisfactory to the City providir�g that the City is able to dx�r�upon such letter of cred,it in ifis sole c�iscretion to complete the Impraverrzents if the Developex fails to satisfactoril� compl�te the�vorl�prior to the completion date specified in Section 15 aha�'e. The a�xtount of such deposit shall be 1S0% of the �stimated �xztpravement costs per the schedule to be attached to ttus document a��ghibit E. The amount of such deposit shall not be redueed before substantial complei�on of the Improvements. 'I'i�e Ietter of credit shall expire no sooz�er than six months after the completion date specified in Section 15 above. ?,7. Fees and $xpenses. The ]�evelo�er agrees to pay aII City fees required per the current City Fee Schedule az�d further agrees to campletely xeinnb�zrse the City for all the variable addi�ianal expenses it zn,cttrs in regard to flie review and approval of the Improvements including, but nofi limited to, dixect City payroll and overhead, casts, and fees paid to � consu}.ta.nts a�d other prafessiana,ls,whickZ are not covered b� City a�plication fees. 1 S. Maintenance. Until such time as City approves and accepts the Improwements [w�xeh shall occur witt�.n sixl,y (60} days of the Iater of(i) the date of the final lift of asphslt on Glendale Cove Lane, and(xz)the date of any corrections to the Improvements required by City1,the Developer shall be respo�.sible for: a. maintenanr,e of all priva#ely owned Tmprorrements including roads,Parlurb° areas, sidewalks, and storm sewez�s, regardless whether easements for such iznprovements have been granted to tlae City; b. rnaxntenance o� site ligh#mg, signage and landscaping consistent w%th the approved Plans for said improvements; and a main.tenar�.ce of all sewer and v�rater lines t�at are defined as "connectious" as indicated on the approved U�ility Plaxt, C. �tenresentations 19, Developex Re�resentatians anct Covenants. The I7eve�oper hereby mak�s the followxng repxesenta,tions and covenants: (a) T'he Deve�oper has the legal authority and power to entex into�is Agreeme�t. (b) The Develo�per xeasonably expects to obtai.n. finazzcial resources su�cient ta enable the completion of the Tmpxovements. Page 7 of I3 beve�oper Tnitial S�'a City Clerk 7n,itial�