RecDoc2023-063040 Subdivision Improvement Agreement Broadway Plaza

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of the payment security will be released upon settlement or release of all claims and obligations for which the. security was given. (c) If Developer's obligations relating to any Improvements are subject to the approval of another governmental agency, City will not release the improvement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency will have two (2) months after Developer's performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period such agency has not registered its satisfaction or dissatisfaction, it will be conclusively deemed that Developer's performance of the obligation was done to its satisfaction. 15. Warrantv Period; Repair and Reconstruction. Without limiting the foregoing, Developer expressly warrants and guarantees all Work performed under this Agreement and all materials used in the Work for a period of one (1) year after City's final acceptance in accordance with Section 12. If, within this one (1) year warranty period, any Improvement or part of any Improvement installed or constructed, or caused to be installed or constructed by Developer, or any of the Work done under this Agreement, fails to fulfill any of the requirements of the Improvement Plans or this Agreement, Developer will, without delay and without cost to City, repair, replace or reconstruct any defective or otherwise unsatisfactory part or parts of the Work or Improvement to the satisfaction of the City Engineer. Should Developer fail to act promptly or in accordance with this requirement, or should the exigencies of the situation require repairs, replacements or reconstruction to be made before Developer can be notified, City may, at its option, make the necessary repairs, replacements or perform the necessary reconstruction and Developer will pay to City upon demand the actual cost of such repairs, replacements or reconstruction. 16. ADA Improvement Credit. In connection with the development of the Project, Developer has agreed to City's request to construct or cause to be constructed certain grading and drainage improvements, as more particularly shown on Exhibit "F" attached hereto ("ADA Improvements"). Developer shall receive a credit against the Traffic Impact Fee due to the City for the Project in consideration for Developer's substantial completion of the ADA Improvements. The credit for the substantial completion of the ADA Improvements is Two Hundred Fifty Thousand, One Hundred Fifty Dollars ($250,150). The application of the credit shall be considered the City's full contribution for the construction of the ADA Improvements and there shall be no additional reimbursement from the City based on actual costs. 17. Developer Not Agent of _City_. Neither Developer nor Developer's contractors, subcontractors, agents, officers, or employees are agents or employees of REV: 04-12-2023 SK ATTY/AGR.2023.70/SI XX, LLC (Broadway Plaza SIA) (Page 9 of 32)