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<br />. '.. <br /> <br />2. FINAOCIAL GUARANTEE. The Developer shall provide a financial <br />guarantee for the construction of these improvements. This <br />guarantee shall be in the form of cash or City approved letter of <br />credit in the amount of $__________ which amount represents 125% <br />of the Engineer's estimated cost for such improvements. In <br />addition to the letter of credit, the Developer shall post a <br />maintenance guarantee for these improvements in the amount of <br />$5,000.00. This security shall be deposited with the City in the <br />form of cash escrCM or letter of credit in a form to be acceptable <br />to the City. This security shall be held by the City for one (1) <br />year frem the date of final acceptance of the inprovements. <br /> <br />3. PARK !AND DEDICATION. The Developer shall satisfy the City's <br />park dedication requirements by deeding Outlots A, B, and C as <br />shCMn on Exhibit "B" to the City for future park developnent. <br /> <br />4. GRADIN3 AID DRAINAGE PIl\N. The Developer shall comply with the <br />garding and drainage plans sul::mitted to and approved by the City <br />Engineer. <br /> <br />5. BUIIDIN3 PERMITS. The Developer agrees that, in compliance with <br />the City Code, no building permits shall be issued until: (1) the <br />security for the irrprovements described in Paragraph 1 above has <br />been provided; and (2) no building permit .shal1 be issued for Lot <br />2, Block 1 until the elevation of Lot 2, Block 1 has been raised <br />to an elevation specified by the City Engineer. <br /> <br />6. STAGE II IMPROVEMENTS. The developer shall be required to <br />complete Stage II improvements (sealcoating) as provided in <br />Sectoin 170.03 of the City Code. In addition, the Developer shall <br />provide a financial guarantee to the City for these improvements. <br />This guarantee shall be in the form of a cash deposit of City <br />approved letter of credit in the amount of $__________. This <br />guarantee shall be provided to the City prior to the issuance of <br />any certificates of occupancy for any lot in the plat. <br /> <br />IN WITNESS WHEREOF, the parties have executed this instrument this <br />_____ day of _______~_______, 198_. <br /> <br />DEVELOPER: <br /> <br />BY:________________________________ <br />. Jonathon M. Rarnbosek <br /> <br />Page 2 of 3 <br />