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FIN.~NCIAL GUARANTEE. The Developer shall provide a financial guarantee for <br />the construction of these improvements. This guarantee shall be in the form of cash or <br />City approved Letter of Credit in the amount of One hundred thousand ($100,000) <br />dollars, which amount represents 125% of the Engineer's estimated cost for such <br />improvements. In addition to the Letter of Credit, the Developer shall post a <br />maintenance guarantee at the time of the completion of the improvements in the <br />amount of Five thousand ($5,000.00) dollars. This security shall be deposited with the <br />City in thc form of cash escrow or a Letter of Credit in a form to be acceptable to the City. <br />This security shall be held by the City for One (1) year from the dat(, of final acceptance <br />of the improvements. <br /> <br />GRADING AND DRAINAGE PLAN. The Developer sha]] comply with grading and <br />drainage plans submitted to and approved by the City Engineer. <br /> <br />BUILDING PER]~ITS. The Developer agrees that in compliance with City Code, no <br />building permits for any lot in the plat shall be issued until the financial guarantees as <br />described above have been provided and that all the grading and classified grave] has <br />been placed on the roads. <br /> <br />STAGEIJ IMPROVEMENTS. The Developer shall be required to complete Stage 2 <br />Improvements (sealcoating) as provided in Section 170.03 of the Ci~, Code. In addition, <br />the Developer shah provide a financial guarantee to the City for these improvements. <br />This guarantee shall be the form of a cash deposit or a City approved Letter of Credit in <br />an amount of Five thousand ($5,000.00) dollars. This guarantee shall be provided to the <br />City prior to the issuance of any building permits on any lot in the plat. <br /> <br />IN 55qTNESS '~%~EREOF, the parties have executed this instrument th~s <br /> ,1~. <br /> <br />day of <br /> <br />DEVELOPERS: <br /> <br />CITY OF RA~MSEY: <br /> <br /> <br />