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o <br /> <br />grading operation in accordance with the approved erosion and sediment control plan. The <br />DEVELOPER shall also be responsible for the cost of cleaning any sol1, earth or debris <br />from the wetlands within and adjacent to this Plat resulting from grading performed in the <br />development of the land. <br /> <br />Requirements After Street Surfacine. After the street surfacing is installed, the <br />DEVELOPERS shall clear any soil, earth, or debris from the streets and from the lots <br />within the Plat resulting from any construction on the Subject Property by the <br />DEVELOPER or their successors and assigns. <br /> <br />Stage I Improvements Completion Date. The Improvement completion date shall <br />be on or before October 31, 1993. <br /> <br />Stage I Im0rovement Financial Guarantee. The DEVELOPER agrees and <br />understands that thc CITY has the right, privilege and authority pursuant to Minnesota <br />Statutes Chapter 462.358 and as mended as a condition precedent to the approval of the <br />plans and specifications and approval of a final plat, to prescribe requirements and the <br />extent to which, and the manner in which the streets are to be graded or improved, and the <br />installation of sewer and water and other facilities and that the DEVELOPER shall <br />provide a £mancial guarantee to the CITY to provide for the actual consumction and <br />installation of the required Stage I Improvements within a period specified by the City <br />Council. <br /> <br />The DEVELOPER shall provide a financial guarantee to the CITY guaranteeing the <br />construction of the Stage I Improvements and their timely completion. The financial <br />guarantee shall be in the amount of Eighty One Thousand Dollars and no cents <br />($81,000.00), which amount is 125% of the City Engineer's estimated cost of the Stage I <br />Improvements. The financial guarantee required by this paragraph shall be in the form of <br />cash or a Letter of Credit, approved as to form by the CITY. The financial guarantee <br />required by this paragraph shall be deposited with the CITY at the time of execution of this <br />contract. Upon total completion of Stage I Improvements, acceptance by the CITY, and <br />supported by lien waiver, the DEVELOPER can request (in writing) a total reduction in <br />the amount of the Letter of Credit upon providing a maintenance guarantee. <br /> <br />Stage I Improvement .Maintenance Financilal Guarantee, In addition to the <br />£mancial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a <br /> <br />]0 <br /> <br /> <br />