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necessary in order to provide appropriate right-of-way for the <br /> Utility construction. <br /> <br /> 3. CONSTRUCTION FINANCIAL GUARANTEE. That OAKWOOD shall <br /> provide a financial guarantee to the CITY guaranteeing the <br /> construction of the Utilities in a timely fashion. The financial <br /> <br /> guarantee shall be in the amount of $ , which amount is <br /> <br /> 125% of the City Engineer's estimated cost of the Utilities. The <br /> financial guarantee shall be in the form of cash or a letter of <br /> credit approved as to form by the CITY. The financial guarantee <br /> shall be deposited with the CITY at the time of execution of this <br /> Agreement. Upon completion of the Utilities' construction and <br /> acceptance by the CITY, OAKWOOD may request a reduction in the <br /> financial guarantee amount, but only if the required Maintenance <br /> Financial Guarantee has been deposited with the CITY. <br /> <br /> 4. MAINTENANCE FINANCIAL ~UARANTEE. In addition to the <br />Construction Financial Guarantee, OAKWOOD shall also post a <br />$10,000.00 Utility Maintenance Guarantee with the CITY. Said <br />Maintenance Guarantee shall be deposited with the CITY when the <br />Utilities are accepted by the CITY and prior to release by the CITY <br /> <br />of the Construction Financial Guarantee. The $10,000.00 <br /> <br />maintenance guarantee shall be held by the CITY for a one year <br />period from the date of its deposit. The Maintenance Financial <br />Guarantee is for the purpose of ensuring that the Utilities have <br />been constructed in accordance with City standards and it may be <br />called upon at the CITY'S discretion during said one year period if <br />the CITY determines it is necessary to repair and/or replace any <br /> <br />2 <br /> <br /> <br />