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DEVELOPMENT AGREEMENT - STANHOPE TERRACE <br /> <br />financial guarantee to the CITY to provide for the actual <br />construction and installation of the required Stage I <br />Improvements within a period specified by the City <br />Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the <br />CITY guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial <br />guarantee shall be in the amount of One Hundred Thirty- <br />six Thousand Five Hundred and 00/100 Dollars <br />($136,500.00), which amount is 125% of the City <br />Engineer's estimated cost of the Stage I Improvements. <br />The financial guarantee required by this Paragraph 4 <br />shall be in the form of a Letter of Credit approved as <br />to form by the CITY. The Letter of Credit required by <br />this Paragraph 4 shall be filed with the CITY at the time <br />of execution of this contract. <br /> <br />Upon completion of Stage I Improvements acceptance by <br />CITY, and supported by lien waivers, the DEVELOPER can <br />request (in writing) a partial reduction in the amount <br />of the Letter of Credit <br /> <br />Stage I ImDrovement Maintenance Financial Guarantee. In <br /> <br />addition to the financial guarantee required by Paragraph <br />4 above, the DEVELOPER shall also post a Stage I <br />Improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CITY <br />at the time the Stage I Improvements are accepted by the <br />CITY and prior to release by the CITY of the financial <br />guarantee required by Paragraph 4 above. The $10,000.00 <br />maintenance guarantee shall be held by the CITY for a one <br />(1) year period from the date of its deposit. This <br />financial guarantee is for the purpose of insuring that <br />the Stage I Improvements have been constructed in <br />accordance with CITY standards and may be called upon at <br />the CITY's discretion during said one (1) year period if <br />the CITY deems it necessary to repair and/or replace any <br />of the Stage I Improvements. Said financial guarantee <br />shall be in the form of a Letter of Credit, approved as <br />to form by the CITY. <br /> <br />Recordinq of Contract. The DEVELOPER agrees that this <br />Development Agreement shall be recorded in the office of <br />the Anoka County Recorder and agrees that the terms and <br />provisions of this Agreement shall be a covenant on any <br />and all deeds relative to the property included in the <br />Plat. <br /> <br />3 <br /> <br /> <br />