Agenda - Council - 11/12/2013 - Laserfiche WebLink

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of the landscaping described in the Phase II Landscaping Plan or any portion thereof, the Developer must submit to the City a guaranty as required by the Zoning Ordinance. 42. The last sentence of Section 12.3 of the Master Agreement is hereby deleted in its entirety and replaced with the following: The Letter of Credit the Developer delivers to the City pursuant to Section 12.4 is intended, in part, to secure the Developer's performance of its obligations under this Section 12.3. 43. Section 12.4 of the Master Agreement is hereby amended to read as follows: 12.4 LEIJI ERS OF CREDIT AND ALTERNATIVE SECURITY. Contemporaneously with the execution of this First Amendment, the Developer has delivered to the City a Letter of Credit in the amount of $3,000,000 (the "Letter of Credit") to secure the Developer's obligations under Sections 10.1, 11.1, 11.2 and 12.3 herein. The Letter of Credit secures only the Developer's obligations under Sections 10.1, 11.1, 11.2 and 12.3 of the Master Agreement. To the extent that other letters of credit are required under any other Sections of this Agreement or a Phase Development Agreement, the Developer (or a Secondary Developer, in the case of a Secondary Development Agreement) must provide those additional Letters of Credit. The Letter of Credit and any other letters of credit required under the terms of this Master Agreement must: (i) be an Irrevocable Letter of Credit from a state or national banking association or other financial institution reasonably acceptable to the City; (ii) obligate the issuer thereof to honor the City's site draft for the full amount of the letter of credit provided the City submits to the issuer, along with the City's site draft, a Certificate signed by the City Administrator of the City of Ramsey stating the Developer is in default in the performance of one or more of the obligations the letter of credit secures (as stated in the Letter of credit); (iii) provide that it will automatically renew until released by the City' and (iv) be, in all other respects, in a form reasonably acceptable to the City. At such time as the City reasonably determines that the total value of all of Developer's obligations under Sections 10.1, 11.1, 11.2 and 12.3 is less than $2,400,000, the amount of the Letter of Credit may be reduced, not more often than once per month, to an amount equal to 125% of the City's estimate of the total cost of completing the performance of obligations which the Letter of Credit secures. To request the City's consent to such a reduction in the amount of the Letter of Credit, the Developer must submit to the City a description of the work the Developer has completed and mechanic's and materialmen's lien waivers showing the Developer's full payment for the completed work. The City's Engineer will inspect the work identified in the Developer's request and report the results of his or her inspection to the City Administrator. The City Administrator will approve the reduction and the outstanding amount of 19