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Development Agreement (excerpt) <br /> <br />Section 12.4 <br /> <br />LETTERS OF CREDIT ANT) ALTERNATIVE SECURITY. Various provisions of this Master <br />Agreement require the Developer to deliver letters of credit to the City to secure the Developer's <br />performance of various obligations. The CiB, Council may, in its sole and absolute discretion, <br />consider accepting the following alternative security arrangements (or combinations thereof) in <br />lieu of regluiring a letter of credit: <br /> <br />(a) Cash escrow accounts with bona 5de title insurance companies as to which the City is a <br /> third party beneficiary. <br /> <br />(b) Letters of credit. <br /> <br />(c) Performance bonds. <br /> <br />(d) Insurance policies insuring performance. <br /> <br />(e) <br /> <br />Evidence of construction financing sufficient to fund the improvements in question, with <br />del/very to the City of copies of construction draws, lien waivers or other satisfactory <br />evidence of payment of invoices as construction proceeds. <br /> <br />(f) Evidence of lines of credit sufficient to fund the improvements in question, updated <br /> regularly. <br /> <br />(g) Other arrangements satisfactory to the City. <br /> <br />The City 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 />Development Agreements. , <br /> <br /> <br />