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I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> o <br /> <br />7. <br /> <br />8. <br /> <br />9. <br /> <br />from the wetlands within and adjacent to this Plat resulting from grading performed in the <br />development of the land. <br /> <br />Reo_uirements After Street Surfaein_~. After the street surfacing is installed, the <br />DEVELOPER 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 />Sta~e I Improvements Compl~'tion Date. The Improvement completion date shall <br />be on or before November 15, 1993. <br /> <br />Stage I Improvement Financial Guarantee. The DEVELOPER agrees and <br />understands that the 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 presc-Tibe 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 financial guarantee to the CITY to provide for the actual construction 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 One Hundred Thirty Four Thousand Dollars and no <br />cents ($134,000.00), which mount is 125% of the City Engineer's estimated cost of the <br />Stage I Improvements. The financial guarantee required by this paragraph shall be in the <br />form of cash or a Letter of Credit, approved as to form by the CITY. The financial <br />guarantee required by this paragraph shall be deposited with the CITY at the time of <br />execution of this contract. Upon total completion of Stage I Improvements, acceptance by <br />the CITY, and supported by lien waiver, the DEVELOPER can request (in writing) a <br />total reduction in the amount of the Letter ,of Credit upon providing a maintenance <br />guarantee. --', <br /> <br />Stage I Im~rovemenl: Maintenance Financial ~Guaran~;ee, In addition to the <br />financial guarantee required by Paragraph 8 above, the DEVELOPER shall also post a <br />Stage I improvement maintenance guarantee with the CITY. Said maintenance guarantee <br /> <br /> <br />