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escrowing an amount equsl to percent ( I) of tbs <br />peuding special ·ssessments at the time of the issu·nce <br />of the certificate of occupancy for · residence on any <br />one of the lots within the plat. The total estimated <br />cost of the improvements is $., · Therefore, <br />the letgter of credit shall be iv the a~ouot of $_ <br />or cash in the a~ount of $ · This financia1 <br />~usrsntee shall assure the ~ity that the i~prove~ents <br />required herein ~ill be ~c~uslly constructed <br />i~st~lled ~ccordin~ to specificstio~s ~pproved by the <br />City snd that the ~pecial asee~sment~ are paid <br />:equi~ed ~e:ein. ~ecauee of the need to guarantee the <br />pa~ent of the epecia1 assessments, the letter of credit <br />shall be effective and in force for the payment term <br />the assessments) which term is five (5) years· At the <br />Developer's request) the City ~ill pereit a cash escrow <br />to be exchanged for a 1ette~ o~ credit and vice-versa. <br /> <br />· be Developer agrees to supply the financial guarantee as <br />described above to the City prior to awarding the <br />construction contracts by the City, and if a letter of <br />credit is submitted) said letter of credit shall be <br />issued by a financial institution and in a form <br />satisfactory to the City. <br /> <br />?he Developer agrees that the terms of the financial <br />guarantee shall be deemed to have been violated if the <br />Developer fails to perfor~ any one of the ter~s of this <br />agreement iu the ~anner required by the City and the City <br />shall be entitled to recover from the Developer or the <br />issuer of the Developer'· letter of credit, the 'full <br />amount of the letter of credit. In addition a late <br />charge fee of lOX of any special assessment payment <br />delinquent by more than thirty (30) day· ·hall be <br />required for late payments. Said lOS ·hall be paid to <br />the project's bond fund established by the City. <br /> <br />No plumbing permit for any lot in the plat shall be <br />issued until the water meter deposit in an amount <br />determined by the City has been received by the City. As <br />part of the plumbing requirements, backflow preventers <br />shall be installed in each sewer line. <br /> <br />10. <br /> <br />No building permit for any lot in the plat shall be <br />issued until vehicular access to the lot is provided and <br />· ite plan approval is granted by the City and any <br />additional expense incurred in giving site plan approval <br />has been reimbursed to the City. <br /> <br />11. No certificate of occupancy for auy lot in the plat shall <br /> be issued until: <br /> <br />a, Satisfactory State Building Code compliance has been <br />completed; <br /> <br />-4- <br /> <br /> <br />