Laserfiche WebLink
[DRAFTI <br /> <br />The Cit3., Council may also consider the alternative security arrangements described in this <br />Section 12.4 in connection with the City's establishment of the requirements for Secondary <br /> <br />Develop_ment Agreements. Each letter of credit required under the terms of this Master <br /> <br />Agreement must be an Irrevocable Letter of Credit fi'om a state or national banking' <br /> <br />association or other f'mancial institution reasonably acceptable to the Cit~, (each a "Letter <br />of Credit"L Unless otherwise expressly stated in this Master Agreement~ a I,etter of Credit <br />must be in amount equal to 125% of the CitT En._,2ineer's of the estimate of the cost to <br />perform the obligation the performance of which the Letter of Credit secures. Each Letter <br /> <br />of Credit must obligate the issuer thereof to honor the CiW's site draft for the full amount <br /> <br />of the Letter of Credit provided the CiW submits to the issuer, along with the CiW's site <br />drafk a Certificate signed by the'City Administrator of the City of Ramsev_ stating the <br />Developer is in default in the performance of the obligation the Letter of Credit secures (as <br />stated in the Letter of CreditL The Letter of Credit must. in all other respects, be in a form <br /> <br />reasonably acceptable to the Cit~,. Until the Developer completes the performance of the <br />obligation the Letter of Credit secures, the Developer must obtain and provide the City <br /> <br />with extensions or renewals of the Letter of Credit at least thirD, (30) days 'prior to the <br />stated expiration date of the Letter of cre~lit. Each Letter of Credit the Developer provides <br /> <br />pursuant to this Master A£reement must l~ave a stated expiration date of 1 st <br />The term "Letter of Credit" as used in this Master A~oreement means the original Letter of <br />Credit the Developer delivers to the City. each extension or renewal of the original or an), <br /> <br />subse_q.uent Letter of Credit and ant new Letter of Credit Developer delivers to the CRV to <br /> <br />satish, Developer's obligations under this Section 12.4. Each time a Letter of Credit is <br />extended, renewed or replaced, the amount of the Letter of Credit may be reduced to an <br /> <br />_amount equal to 125% of the Developer's e~timate of the total cost of completing the <br />obligation which the Letter of Credit secures. In additiom Developer max,. not more than <br /> <br />once_per calendar month, ask the City to consent to a reduction.in the amount of a Letter <br /> <br />of Credit to reflect the Developer's partial completion of the obligation the Letter of Credit. <br />secures. To request the Cit~,'s consent to such a reduction in the amount of a Letter of <br /> <br />Credit. the Developer must submit to the City a description of the work the Developer has <br />completed and mechanic's and materialmen's lien waivers showing the Developer's full <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />35 <br /> <br /> <br />