07.08 - Trailside Estates - Laserfiche WebLink

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by the City, which the Developer is obligated to pay under this Agreement. The Developer shall maintain the cash or letter of credit continuously until the Developer Improvements are completed pursuant to this Agreement and all applicable warranty and guarantee periods have expired. The said cash, letter of credit, or performance bond for Developer Improvements shall be released upon certification of the City Engineer that such items are satisfactorily completed pursuant to this Agreement and the applicable warranties and guarantees outlined in this Agreement have expired. To the extent that any cash or letter of credit referred to herein is ever utilized and found to be deficient in amount to pay or reimburse the City in total, the Developer agrees that upon being billed by the City, the Developer will pay within ten (10) days of the mailing of said billing, the said deficient amount. If there should be an overage in the amount of utilized security, the City will, upon making said determination, refund to the Developer any monies, which the city has in its possession which are in excess of the actual cost paid by the City. All securities deposited within the City for Developer Improvements shall be used by the city at City's discretion to defray City's costs and expenses. A copy of the security for this Agreement is attached hereto as Exhibit C. The City may in its discretion reduce the security to 10% of the estimated cost during the warranty period, subject to review by the City Engineer. XIII. Pre-Construction Activities. The Developer and its engineer shall schedule a pre-construction meeting with City to review a proposed schedule for construction of the Developer Improvements and coordinate the Schedule with the installation of Municipal '1 Improvements XIV. Commencement of Construction of Developer Improvements. Upon obtaining all necessary governmental approvals, licenses, and permits, subject to unavoidable delays, Developer shall commence construction of the Developer Public Improvements within ten (10) days. XV. Faithful Performance of Construction of Developer Improvements and Guaranty. Developer shall install, construct, and maintain the Developer Improvements in accordance with the terms of this Agreement. Developer guarantees and warrants the workmanship of Developer Improvements for a period of one year following City's acceptance of the same for utility or maintenance purposes ("Guarantee Period"). The security described herein shall remain in place until all applicable warranty and guarantee periods have expired. The Developer shall repair or replace, as directed by the City and at the Developer's sole cost and expense, any work associated with and/or materials that become defective, in the sole but reasonable opinion of the City or its Engineer, provided that the City or its Engineer give notice of such defect to Developer within three months following the end of the Guarantee Period. The Developer, or Developer's contractors, shall post maintenance bonds or other security acceptable to City to secure these warranties. —� 8