Laserfiche WebLink
Developer shall post as security for its compliance with the <br />terms of this agreement cash, cash bond, letter of credit, or <br />such other security as agreed upon by the City Engineer in the <br />amount of $68,114.00, said security providing for payment to the <br />City in the event of any default by Developer under this <br />agreement. <br />IV. TIME OF COMMENCEMENT <br />The sanitary sewer improvements shall be constructed at such <br />time in the future as is deemed necessary by the City Engineer, <br />or at any earlier time by Developer. Developer shall not have <br />any right to undertake said sanitary sewer improvement once the <br />City Engineer has given Developer notice that the City and/or <br />another developer intends to construct said improvements. After <br />receipt of such notice, Developer shall be obligated to make pay- <br />ment pursuant to Section II of this agreement. <br />V. MASTER CONTRACT <br />City reserves the right to have all or a portion of the work <br />specified herein done as part of a larger project by means of a <br />master contract. In the event work is done pursuant to such a <br />master contract, Developer hereby agrees to pay his share of the <br />cost of the master contract, to be determined on a pro rata ba- <br />sis, within thirty (30) days of the date notice by the City En- <br />gineer of the completion of the work and the calculation of the <br />amount of the pro rata share of the costs involved is sent to <br />Developer. <br />VI. NOTICE <br />- 3 - <br />