Agenda - Council - 12/28/2006 - Laserfiche WebLink

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(b) in an amount equal to 125% of the City engineer's reasonable estimate of the cost of completing the Developer 8n-ate-Public Improvements (and the Developer Private Improvementsl; (c) for a term of not less than one year from the date the letter of credit is issued or renewed . Until Developer fully performs Developer's obligations under Sections 12.3 and 12 4, Developer must deliver to Citv not less than 31 days prior to the expiration or term ination date of any letter of credit Citv is holding pursuant to this Section 12 5 an amendment extending the term of the letter of credit the City holds for not less than one year or a replacement letter of credit satisfvin~ the reauirements of this Section 12 5; (d) includes a provision that allows City to draw on the letter of credit for any amount up to the full amount of the letter of credit (regardless of the amount of Developer's alleged default} upon City's delivery to issuer of (i) the original letter of credit, if the draw is for the full amount of the letter of credit, otherwise, a photocopy of the letter of credit; (ii) a sight draft for the amount of the City's draw; (iii) a certificate executed by the City's administrator or mayor stating either that (A) Developer is in default in the performance of one or more of Developer's obligations under Section X12.3 or 12.4 of this Agreement, City has given Developer notice of the default as required by this Agreement and Developer has not cured the default within the time provided for under Section _ of this Agreement or tkat-(B) the term of the letter of credit will expire in 30 days or less from~the date of the certification, Developer has not fully performed Developer's obligations under Section X12.3 and 12.4 of this Agreement, and Developer has not provided City with a renewal or substitute letter of credit satisfying the requirements of this Section -x:3:12.5. ~.:.~.C....~:,. 11 2 1 -- ~ a ~. ~ IIT a~ tt 11 ""~" ~~ ~ ~ ~ i ~e~ec~it--When the City has inspected a portion of the Developer 8n-~i~Public Improvementl~l or Developer Private Improvementsl and issued a certificate of completion with respect to such portion of the Developer Arz-S}te~Public Improvementlff or Developer Private Improvementsl. as provided for in Section ._, City will accept from Developer an amended or substitute I-etterletter of credit that reduces the amount of the Lletter of C-~editeredit by an amount equal to 125% of the City ei3git3eersen~ineer's reasonable estimate of the cost erof performing the completed work; provided City will not agree to reduce the Metter of ~iteredit to amount that is less than the City engineer's reasonable estimate of the cost of completing the uncompleted Developer Public Improvements f and Developer Private TmT~rnvpmpnf-cl 12.6 Compliance with- Laws and Ordinances Developer must comply with all reauirements of all State and federal laws rules and regulations all Citv ordinances and an other legal reauirements in connection with Developer's construction of the 197441~~a°~ V2 to VI 12/18106 17 -142-