RecDoc 2022-044650 Subdivision Improvement

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and the amount payable will be increased by ten percent (10%) in the event payment is not made within such ten (10) day period. City may withdraw from the Deposit amounts needed to timely pay or reimburse City for any City Costs not timely paid by Developer. In the event the Deposit balance falls below Thirty Thousand Dollars ($30,000), then within five (5) business days following City's request, Developer shall deposit additional immediately available funds with City so that the Deposit is maintained at a level sufficient to fund the next 90 days of anticipated City Costs as reasonably determined by City but in any event not less than $30,000.Any part of the Deposit or such additional sum or sums not utilized by City will be returned Developer within thirty (30) days of final acceptance of the Improvements by the City. 11. Completion of Work. After Developer (a) completes the Work in accordance with the Improvement Plans and the terms and conditions of this Agreement, (b) repairs any private or public property damaged as a result of the Work or pays the full cost of such repair to the owner whose property was damaged and (c) obtains the written acceptance of such repair or payment from any owner whose private property was repaired by Developer or to whom Developer paid the full cost of such repair, Developer will provide City with a written notice of completion, together with copies of all written acceptances. 12. Final Acceptance. 12.1 Notice of Completion. Within thirty (30) days of receipt of Developer's written notification pursuant to Section 11 above, the City Engineer will inspect the Work and repairs and review the written acceptances, if any, and send Developer a written notice stating whether the Work and repairs are complete to the satisfaction of the City Engineer, in their reasonable discretion, and whether the written acceptances have been provided. If the Work and repairs are, in the opinion of the City Engineer, not complete and satisfactory, and/or written acceptances have not been provided, the City Engineer will list the deficiencies that Developer must correct to make the Work and repairs complete and satisfactory. Upon satisfactory completion of the Work and repairs and submittal of written acceptances, the City Engineer will send Developer a written notice of satisfactory completion. The requirement for written acceptances may be waived by the City Engineer, in their reasonable discretion, if Developer has made commercially reasonable efforts to obtain such acceptances. The City Engineer's failure to respond to Developer's written notification within thirty (30) days will not be deemed a breach or default under this Agreement or a determination by the City Engineer of satisfactory completion. 12.2 Acceptance of Improvements. After sending Developer a written notice of satisfactory completion pursuant to Section 12.1, the City Engineer will recommend acceptance of the Improvements to the City Council in a timely manner. The acceptance of the Improvements, offers of dedication and right -of way, and easements, if any, will be by City Council action, with the matter placed on the next available agenda. Upon City Council action, the City Engineer will promptly record a notice of completion, in a form to be approved by the City REV: 04-07-2022 SK ATTY/AGR.2022.063/South Main SIA (Page 6 of 26)