2008-019 - Laserfiche WebLink

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irrevocable letter of credit is utilized, the form and content thereof shall be approved in advance by County, in its reasonable discretion. 2. The amount of the Peformanee Security Instrument to be pledged by i Developer to secure its performance hereunder shall be one hundred fifteen percent (115 %) of the Roadway Improvement Project, costs as provided in the preliminary estimate of project costs referred to in Exhibit "E". The funds or irrevocable letter of credit (as selected by Developer) shall be posted by Developer no later than fourteen (14) days following the completion and approval by the County of the thirty percent (309o) design, as referenced in paragraph C:1 .(b) herein, and shall be maintained throughout the term of the Project, subject to reduction, as provided below. 3. The amount of the Performance Security Instrument shall be increased or reduced, as applicable, at such time as: the filial Roadway Improvement Project costs are determined and established. { 1 4. County and .Developer agree that the Performance Security Instrument shall be incrementally reduced over the course of the Roadway Improvement Project as provided herein. At such time as County is notified by Developer_ that n ReductionEvent (as defined below) has occurred, County agrees to cooperate in the initiation and implementation of all activities necessary to reduce the surety instrument, which shall involve the reduction of the cash deposit, or letter of credit, as applicable. The amount of any such, reduction shall be equal to the sums paid by Developer, and approved by the County,, since the Preceding Reduction Event, or as poster] by a thud party as: indicated in the Reduction Event. Provided, however, in: no event may any reduction of the Performance Security Instrument result in a final performance security amount balance which is less than, one hundred fifteen percent (115%) of the funds necessary to complete the Roadway Improvement Project. Further, reductions to the Performaiide Security Instrument shall occur no more frequently than quarterly during the term bereof. Reduction requests shall be aggregated during each quarter; and implbmenied by the parties one time. during each three month period . 5 . For purposes of this Agreement the term "Reduction Event" shall be defined as: (a) Payment of any installment or draw to a contractor or professional . in connection with prosecution of the Roadway Improvement Project; or (b) Payment of any proportionate share contribution of Roadway Improvement Project costs by a participating party as provided below. 6 . The requirement of a Performance Security Instrument shall terminate upon the earlier of (a) Payments pursuant to subsection 5(b) above equal to one hundred fifteen percent. (115%) of Roadway Improvement Project costs; or (b) Developer completes performance of the Roadway Improvement Project, pays all applicable parties in full, . and the Roadway Improvements are accepted for,maintenance by County. 7 . The Project traffic impact fees shall be reduced by the amount of Performance Security lssued by Developer. 7