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I <br /> i <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br /> I <br />I$ <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />10 <br /> <br />10. <br /> <br />11. <br /> <br />Stage 1 Improvement Financial Guarantee. The DEVELOPER agrees and <br />understands that the CITY has the right, privilege and authority pursuant to <br />Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to <br />the approval of the plans and specifications and approval of a final plat, to <br />prescribe requirements and the extent to which, and the manner in which the <br />streets are to be graded or improved, the installation of other facilities, and the <br />removal of debris and that the DEVELOPER shall provide a financial guarantee <br />to the CITY to provide for the actual construction, installation of the required <br />Stage I Improvements,' and removal of debris within a period specified by the City <br />Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing <br />the construction of the Stage I Improvements and their timely completion. The <br />financial guarantee shall be in the amount of <br /> Dollars and cents ($ ), <br />which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Improvements. The financial guarantee required by this Paragraph shall be in the <br />form of cash or a Letter of Credit approved as to form by the CITY. The <br />financial guarantee required by this Paragraph shall be deposited with the CITY <br />at the time of execution of this contract. Upon total completion of Stage I <br />Improvements, acceptance by CITY, and supported by lien waiver, the <br />DEVELOPER can request (in writing) a total reduction in the amount of the <br />Letter of Credit upon providing a maintenance guarantee. The CITY agrees to <br />allow a reduction in the Letter of Credit for any improvements installed by the <br />DEVELOPER and accepted by the CITY. <br /> <br />Stage I Improvement Maintenance Financial Guarantee. In addition to the <br />financial guarantee required above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said maintenance guarantee <br />shall be deposited with the CITY at the time the final plat is released by the <br />CITY for recording. The $10,000 maintenance guarantee shall be held by the <br />CITY for a one (1) year period from the date of its deposit. This financial <br />guarantee is for the purpose of insuring that the Stage I Improvements have been <br />constructed in accordance with CITY standards and may be called upon at the <br />CITY'S discretion during said one (1) year period if the CITY deems it necessary <br />to repair and/or replace any of the Stage I Improvements. Said financial guarantee <br />shall be in the form of a Letter of Credit, approved as to form by the CITY. <br /> <br />II. STAGE II IMPROVEMENTS <br /> <br />Street Cleaning. From time to time, the CITY may remove accumulations of <br />soil, earth and debris from the streets resulting from the construction of the Plat. <br />It shall be the DEVELOPER'S responsibility to pay the costs associated with this <br />necessary street cleaning. Invoices from the CITY to DEVELOPER for such <br />costs shall be paid within fifteen (15) days of the date of invoice. <br /> <br />I'Z3 <br /> <br /> <br />