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Formal Request for Alternate Security Arrangements <br /> <br /> Pursuant to Section 12.4 of that certain Master Development Agreement, dated <br />September 17, 2003 (the "Master Development Agreement"), between the City of Ramsey (the <br />"City") and Ramsey Town Center LLC ("RTC"), RTC hereby respectfully requests that the City <br />Council of the City accept the following alternative security arrangements with respect to the <br />work required to complete the so-called "Plat Phase" (the "Plat Phase Work"), of that portion of <br />· the "Developer Public Improvements" described in Article 10 of the Master Development <br />A~eement, in lieu of requiring a letter of credit: <br /> <br /> (a) Collateral assignment to the City of a Performance Bond and Payment Bond <br />(AIA Document A312) to be issued by (surety cornea.ny) _. in the form of <br />the attached Exhibit A, in the amount of $10,582,486.70. This amount represents 1255 of the <br />total cost ($8,456,989.36) of the Plat Phase Work, as estimated by the City Engineer. <br /> <br /> (b) Evidence that RTC has cortstruction financing sufficient to pay for the Plat <br />Phase Work, in the form of the attached letter from Community National Bank, labeled Exhibit <br />B_B_, together with the agreement of Community National Bank to deliver to the City copies of <br />construction draws, lien waivers or other satisfactory evidence of-payment of invoices as <br />construction proceeds. <br /> <br />P,.AMSEY TOWN CENTER LLC <br /> <br />By <br /> Its <br /> <br /> <br />