Agenda - Council - 07/09/2019 - Laserfiche WebLink

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d. The CITY may draw upon all or any portion of the financial guaranty the DEVELOPER has provided to the CITY pursuant to Section 4 and (i) use all or any portion of the proceeds from the financial guaranty to reimburse the CITY pursuant to subsection (a) above; (ii) use all or any portion of the proceeds from the financial guaranty to satisfy any judgment the CITY obtains against the DEVELOPER pursuant to subsection (b) above; (iii) use all or any portion of the proceeds to reimburse the CITY pursuant to Section 9 (h) below; and (iv) hold all or any portion of the proceeds for a reasonable time for the future application as described in subsections (i), (ii) and (iii) of this Section 8(d). 12. Maintenance Guarantee for Landscaping. It is herein agreed that the Developer shall provide a maintenance guarantee to ensure the survival of the plantings for Cor Sapphire Addition. Said maintenance guarantee shall consist of cash or a Letter of Credit, approved as to form by the City, in the amount of $6,682.50. [# tree plantings (46 trees) x cost/planting ($300/tree x 30% average non -survival rate] + [# shrub plantings (113 shrubs) x cost/planting ($75/shrub x 30% average non -survival rate)], which shall be in effect for a two-year period commencing on the date of the City's acceptance of said plantings as part of the Required Private Improvements. At the end of the two-year period, the maintenance guarantee shall be returned to the Developer. The determination that all plantings that have been planted in accordance with the Site Plan have either survived or have been replaced shall be made by the Community Development Department. In the event the Permittee fails to maintain the required plantings for a two-year period, the City Council may order the replacement of plantings with City day labor and/or by letting contracts and draw upon the escrow for payment. Only the City Council shall have the authority to direct replacement of the plantings and withdraw from the escrow account. The Permittee hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Site for the purpose of replacing plantings in the event of the Permittee's default. 13. Miscellaneous. a. Invalidity of Any Section. If any portion, section, subsection, sentence, clause, paragraphs or phrase of this Agreement is for any reason invalid, such decision shall not affect the validity of the remaining portion of this Agreement. b. Written Amendments Only. The action or inaction of the CITY or the DEVELOPER shall not constitute a waiver or amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in writing, signed by the parties, and approved by a resolution of the CITY Council. The CITY'S or the DEVELOPER'S failure to promptly take legal action to enforce this Agreement shall not be a waiver or release.