Agenda - Council - 06/11/1992 - Laserfiche WebLink

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term, pursuant to City Code and that the financial guarantee, described in paragraph 10 below, will be in force and effect until all such special assessments are paid and all other obligations of DEVELOPER under this Agreement are satisfied. The assessment and the specific terms of the assessment shall be pursuant to the terms of the "Sunny Ponds Special Assessment Agreement", attached hereto as Exhibit "C" and incorporated herein by reference. The financial guarantee described in paragraph 10 may be applied by the CITY to any of the obligations set forth in this Agreement in the absolute and sole discretion of the City Council. The CITY may pursue any other remedy for enforcement of such obligations or collection for the costs incurred by the CITY in connection therewith, and is under no obligation to apply the financial guarantee to any one or number of obligations as long as the CITY determines that there is a reasonable basis for believing that the dollars remaining in the financial guarantee may be needed to assure compliance with other remaining obligations of the DEVELOPER. Developer's Fina!~ial Guarantee, The DEVELOPER agrees and understands that the CITY has the right, privilege and authority pursuant to Minnesota Statutes Chapter 462.358 and as amended as a condition precedent to the approval of the plans and specifications and approval of a final plat, to prescribe requirements and the extent to which, and the manner in which the streets be graded or improved, and the water, sewer, and other utility mains, piping, or other facilities shall be installed and that the DEVELOPER shall provide a financial guarantee to the CITY to provide for the actual construction and installation of the required Stage I Improvements and all other obligations of DEVELOPER provided for herein within a period specified by the City Council. Said financial guarantee shall provide that the CITY possess the statutory power to enforce such financial guarantee by all appropriate and legal remedies. The financial guarantee shall be satisfied by the DEVELOPER depositing cash with the CITY as follows: In addition to that required by paragraph four (4), the DEVELOPER shall deposit with the CITY cash in an amount equal to fifteen percent (15%) of the total cost of the project. In lieu of this cash deposit, the DEVELOPER may file an irrevocable Letter of Credit or some other form of financial guarantee acceptable to the CITY in a minimum amount equal to twenty percent (20%) of the total cost ~.,-.' the project. This financial guarantee, in addition to those purposes described above, sba:, assure the CITY that the improvements required herein will be actually constructed an~ installed according to the specifications approved by the CITY, that the special assessments are paid as required herein, and that the