Common use of Performance Guarantee Clause in Contracts

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs. a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To secure Concessionaire shall deliver to the construction City and installation shall keep in force throughout the term of the Public Improvements, Developer shall provide this Agreement either an irrevocable standby letter of credit in favor of City drawn upon a bank satisfactory to City or a surety bond payable to City. If a letter of credit or alternate security pursuant is delivered it shall be in the exact form as set forth in Exhibit C to Chapter 16this Agreement. If a bond shall be delivered, Article XV it shall be issued by a sound indemnity company authorized to do business in Texas. The amount of the Superior Municipal Code based irrevocable letter of credit or surety bond to be delivered by Concessionaire to the Director on or before the Estimated Costs. a. Approval effective date of the FDP Agreement and shall be contingent upon Developer's provision in an amount not less than fifty percent (50%) of the Performance Guarantee within 30 days of MAG for the Effective Datefirst Lease Year. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the PropertyFor each subsequent Lease Year, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the performance guarantee shall be adjusted Estimated Costsso that it all times equals not less than fifty percent (50%) of the MAG then in effect. The City shall retain said performance guarantee for the benefit of the City throughout the Term of this Agreement as security for the faithful performance by Concessionaire of all of the terms, covenants and conditions of this Agreement. If Developer fails Concessionaire defaults with respect to provide any provision of this Agreement, including but not limited to the provisions relating to the payment of Rentals, the City may use, apply or retain all or any part of the performance guarantee for the payment of any Rentals or any other sum in default, or for the payment of any loss or damage which the City may suffer by reason of Concessionaire’s default, or to compensate the City for any other amount which the City may spend or become obligated to spend by reason of Concessionaire’s default. In no event, except as specifically hereinafter provided, shall the City be obliged to apply the same to Rentals or other charges in arrears or to damages for Concessionaire’s failure to perform said covenants, conditions and agreements; however, the City may so apply the performance guarantee, at its option. The City’s right to bring a special proceeding to recover or otherwise to obtain possession of the Premises before or after the City’s declaration of the termination of this Agreement for non-payment of Rentals or for any other reason shall not in any event be affected by reason of the fact that the City holds the performance guarantee. In the event that the City regains possession of the Premises, whether by special proceeding, reentry or otherwise, because of Concessionaire’s default or failure to carry out the covenants, conditions and agreements of this Agreement, the City may apply such performance guarantee to all damages suffered through the date of said repossession and may retain the performance guarantee to apply to such damages as may be suffered or shall accrue thereafter by reason of Concessionaire’s default or breach. In the event any bankruptcy, insolvency, reorganization or other creditor-debtor proceedings shall be instituted by or against Concessionaire, or its successors or assigns, or any guarantor of Concessionaire hereunder, such performance guarantee shall be deemed to be applied first to the payment of any Rentals and/or other charges due the City for all periods prior to the institution of such proceedings, and the balance, if any, of such performance guarantee may be retained by the City in partial liquidation of the City’s damages. The performance guarantee shall not constitute a trust fund. In the event the City applies the performance guarantee in whole or in part, Concessionaire shall, within 10 days after written demand by the City, deposit sufficient funds by delivering an amendment to the existing clean irrevocable standby letter of credit or delivering a new or amended Performance Guarantee, clean irrevocable standby letter of credit to maintain the Town may exercise performance guarantee in the initial amount. Failure of Concessionaire to supply such additional funds shall entitle the City to avail itself of the remedies provided in this Agreement for herein; provided, however, that prior to increasing the amount non-payment of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified Rentals by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public ImprovementsConcessionaire. If the Performance Guarantee is to expire within 14 calendar days Concessionaire fully and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance faithfully performs every provision of this Agreement to be performed by it, the performance guarantee or spend such funds any balance thereof, less any sums then due the City from Concessionaire under this Agreement, shall be returned to finish Concessionaire (or, at the Public Improvements or correct problems with City’s option to the Public Improvements as last assignee of Concessionaire’s interest thereunder) within 30 days following the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval later of the Townexpiration of the Term of this Agreement, the Performance Guarantee may be reduced earlier termination thereof or Concessionaire’s vacating and surrendering possession of the Premises to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty periodCity.

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs. a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for hereinin Section 9 hereof; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs. a. Approval of the FDP FPSP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDPFPSP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer's expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat by the Town is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town's Director of Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the TownTown Public Works Director, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter one or more letters of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated CostsCosts set forth in Exhibit A (the "Performance Guarantee"). The Performance Guarantee may be split into two, one for Phase 1 and one for Phase 2, in accordance with the amounts set for in Exhibit A for each Phase. a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the commence construction of any public or private improvement on the PropertyProperty for any Phase, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance GuaranteeGuarantee for that Phase. c. b. The purpose of the Estimated Costs is solely to determine the amount of securitythe Performance Guarantee. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless of the Estimated Costs. d. c. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for hereinin this Agreement; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. d. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofthis Agreement, the Town may draw on the appropriate Performance Guarantee of credit to complete the Public Improvements. If the a Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. appropriate If the Town has drawn on the a Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. e. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee for a particular Phase may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public ImprovementsImprovements for that Phase. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer’s expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat by the Town is contingent upon the Developer's ’s provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's ’s approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town’s Director of Engineering/Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Engineering/Public Works’ estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin Paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofParagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the Town’s Director of Engineering/Public Works, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs.Costs set forth in Exhibit A. a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. b. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. c. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for hereinin this Agreement; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. d. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofthis Agreement, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. appropriate If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. a. To secure the construction and installation of the Public Improvements, Developer shall provide a furnish the Town, at Developer's expense and prior to commencement of construction, cash or an irrevocable letter (or letters) of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred and twenty percent (120%) of the Superior Municipal Code based on total Estimated Costs of development (the Estimated Costs"Performance Guarantee"). a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the b. The Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until be in a form approved by the Town has received and approved the Performance Guaranteein its sole discretion. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay all costs of the Actual Costs of all such Public ImprovementsImprovements for which it is legally obligated, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basisat the time a building permit is issued and annually if the Public Improvements have not been completed. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for hereinin Section 12 hereof; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completedcompleted and preliminarily accepted, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 4 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 fourteen (14) calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Townpreliminary acceptance, the Performance Guarantee may shall be reduced to the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the such phase of Public Improvements. The reduced Performance Guarantee shall be held by the Town during until expiration of the two (2-) year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the Final Plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer's expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the Final Plat by the Town is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. Final Plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot over lot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town's Director of Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the TownTown Public Works Director, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2-two- year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat Final Plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer's expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat Final Plat by the Town is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. final platFinal Plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot over lot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town's Director of Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the TownTown Public Works Director, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2-two- year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer's expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat by the Town is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town's Director of Engineering, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Engineering’s estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the TownTown Director of Engineering, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To In order to secure the construction and installation of the Public ImprovementsImprovements above-described for which the Developer is responsible, the Developer shall, prior to recording the final plat in the real estate records of Xxxxxx County, which recording shall provide a occur no later than ninety (90) days after the execution of this Agreement, furnish the City, at the Developer's expense, with an irrevocable letter of credit or alternate security pursuant in which the City is designated as beneficiary, to Chapter 16, Article XV secure the performance and completion of the Superior Municipal Code based on Public Improvements, or the Estimated Costs. a. Approval City may accept at its sole discretion some other form of security from the Developer in an amount equal to one hundred ten percent (110%) of the FDP shall estimated costs of the Public Improvements to be constructed and installed as set forth in Exhibit C which are estimated costs which may be increased at such time as the Director of Public Works approves the construction documents for the Public Improvements. The Developer agrees that approval of the final plat by the City is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee City within 30 ninety (90) days of the Effective Dateexecution of this Agreement in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee City in the manner provided herein shall negate the TownCity's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the City Attorney. The Developer shall not start the any construction of any public or private improvement on the PropertyProperty including, including without limitation but not limited to, staking, earth work, overlot grading grading, or the erection of any structure, temporary or otherwise, until the Town City has received and approved the Performance Guarantee. c. irrevocable letter of credit, except pursuant to a bench excavation permit duly issued by the City upon satisfaction of all City requirements for the issuance of a bench excavation permit and the posting of an irrevocable letter of credit for a bench excavation permit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the City's Director of Public Works based upon the construction documents for the Public Improvements as approved by the Public Works Director. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx the Developer agrees to pay the Actual Costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town City reserves the right to review and adjust the Estimated Costs cost estimate on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town City adjusts the Estimated Costscost estimated for the Public Improvements, the Town City shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town City with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the City with a new or amended Performance Guaranteeletter of credit, the Town City may exercise the remedies provided for hereinin paragraph 5 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town City shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 8 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town City may draw drawn on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town City may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement Agreement, or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town City deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion or performance of construction and compliance with all conditions such improvements, conditions, and requirements within the required time time, and the written approval of the TownDirector of Public Works, ninety percent (90%) of the estimated costs of construction shall be released to the Developer within ten (10) days of acceptance by the City provided, however, the Performance Guarantee may be reduced to City shall retain through the amount of 25% one (1) year warranty period at least twenty percent (20%) of the total actual cost of construction and installation costs of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer's expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat by the Town is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town's Director of Engineering/Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Engineering/Public Works' estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin Paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofParagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the Town's Director of Engineering/Public Works, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To In order to secure the construction and installation of the Public ImprovementsImprovements above-described for which the Developer is responsible, the Developer shall, prior to recording the final plat in the real estate records of Gilpin County, which recording shall provide a occur no later than ninety (90) xxxx xfter the execution of this Agreement, furnish the City, at the Developer's expense, with an irrevocable letter of credit or alternate security pursuant in which the City is designated as beneficiary, to Chapter 16, Article XV secure the performance and completion of the Superior Municipal Code based on Public Improvements, or the Estimated Costs. a. Approval City may accept at its sole discretion some other form of security from the Developer in an amount equal to one hundred ten percent (110%) of the FDP shall estimated costs of the Public Improvements to be constructed and installed as set forth in Exhibit C. The Developer agrees that approval of the final plat by the City is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee City within 30 ninety (90) days of the Effective Dateexecution of this Agreement in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee City in the manner provided herein shall negate the TownCity's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the City Attorney. The Developer shall not start the any construction of any public or private improvement on the PropertyProperty including, including without limitation but not limited to, staking, earth work, overlot grading grading, or the erection of any structure, temporary or otherwise, until the Town City has received and approved the Performance Guarantee. c. irrevocable letter of credit; provided, however, this requirement shall not apply to the issuance of a bench excavation permit which is governed by City of Black Hawk ordinance. The City shall not issue a foundation excavation permit for the Property until such time as a CLOMR is issued for the Property. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the City's Director of Public Works, and where appropriate the Manager of the District, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx the Developer agrees to pay the Actual Costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town City reserves the right to review and adjust the Estimated Costs cost estimate on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town City adjusts the Estimated Costscost estimated for the Public Improvements, the Town City shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town City with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the City with a new or amended Performance Guaranteeletter of credit, the Town City may exercise the remedies provided for hereinin paragraph 5 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town City shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 8 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town City may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town City may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town City deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion or performance of construction and compliance with all conditions such improvements, conditions, and requirements within the required time time, and the written approval of the TownDirector of Public Works, ninety percent (90%) of the estimated costs of construction shall be released to the Developer within ten (10) days of acceptance by the City provided, however, the Performance Guarantee may be reduced to City shall retain through the amount of 25% one (1) year warranty period at least twenty percent (20%) of the total actual cost of construction and installation costs of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. a. To secure the construction and installation of the Public Improvements, Developer shall provide furnish the Town, at Developer's expense and prior to the issuance of the first grading permit for the Property, a letter form and amount of credit or alternate security pursuant to Chapter authorized by Section 16, Article XV -15-20 of the Superior Municipal Code based on and approved by the Estimated Costs. a. Approval Board of Trustees (the "Performance Guarantee"), which shall be one or a combination of the FDP shall be contingent upon Developer's provision following: (i) letter of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDPcredit or (ii) cash escrow. b. Developer shall not start Because the construction of any public or private improvement on estimated costs to complete the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs Improvements may increase in the future. Accordingly, the Town reserves the right to review and reasonably adjust the Estimated Costs required amount of the Performance Guarantee on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costsestimated costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costsestimated costs. If Developer fails to timely provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which that have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. c. If the Public Improvements are not constructed or completed within the period of time specified agreed upon by the Parties, after the cure period set forth in Section 2 hereof14, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has does not yet provided provide a satisfactory replacement, or completed replacement before the Public Improvementsexpiration of such 14-day period, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. d. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of applicable thereto, as approved in writing by the Town, the Performance Guarantee may shall be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. a. To secure the construction and installation of the Public Improvements, Developer shall provide a furnish the Town, at Developer's expense and prior to commencement of construction, cash or an irrevocable letter (or letters) of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred and twenty percent (120%) of the Superior Municipal Code based on total Estimated Costs of development (the Estimated Costs"Performance Guarantee"). a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the b. The Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until be in a form approved by the Town has received and approved the Performance Guaranteein its sole discretion. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx Developer agrees to pay all costs of the Actual Costs of all such Public ImprovementsImprovements for which it is legally obligated, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basisat the time a building permit is issued and annually if the Public Improvements have not been completed. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for hereinin Section 12 hereof; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completedcompleted and accepted, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 4 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 fourteen (14) calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Townpreliminary acceptance, the Performance Guarantee may shall be reduced to the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the such phase of Public Improvements. The reduced Performance Guarantee shall be held by the Town during until expiration of the two (2-) year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the Final Plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer's expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the Final Plat by the Town is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. Final Plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot over lot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town's Director of Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the TownTown Public Works Director, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. The total amount of required security for the Public Improvements shall be 110% of the amount specified on Exhibit A. A. To secure the construction and installation of the Public ImprovementsImprovements above described for which the Developer is responsible, the Developer shall shall, prior to recording this Agreement and commencing work on Phase 2, provide the Town with a letter of credit or alternate surety bond issued or confirmed by a financial institution acceptable to the Town Attorney, which letter of credit or bond shall be valid for at least 13 months from the date of recording this Agreement. If the time for completion of the Public Improvements is extended, the letter of credit or bond shall be similarly extended. Under the terms of the letter of credit or surety bond, the Town shall be allowed to present drafts and accompanying documents to the issuing institution by overnight courier. The Town shall have the right to review and approve all terms and conditions of the letter of credit or surety bond prior to accepting it. B. If the Public Improvements are not completed within the time required hereunder, Owner and Developer shall be in default of this Agreement. If the security provided pursuant to Chapter 16, Article XV this Agreement is not sufficient to pay the actual costs of completion of the Superior Municipal Code based on Public Improvements, the Estimated CostsDeveloper shall be responsible for the balance. a. Approval C. A portion of the FDP performance guarantee may be released as specific improvements are completed and approved in accordance with the procedures set forth in Section 16.32.020(A) of the Town Code. D. The required security for the Public Improvements is the amount mutually agreed upon by the Developer and the Town Engineer as set forth on Exhibit A attached hereto, which includes a 10% contingency. The parties agree that this amount does not necessarily reflect the Town Engineer’s estimate of what the actual cost to the Town would be if the Town was required to fund construction of all of the Public Improvements. In the event the costs of the Public Improvements exceed the amount set forth on Exhibit A, Developer shall be contingent upon Developer's provision of solely responsible for the Performance Guarantee within 30 days of the Effective Dateactual cost. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs Exhibit A is solely to determine the amount of securitysecurity and shall be revised as necessary to reflect the actual costs, and the performance guarantee required by this Agreement shall be adjusted accordingly. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . E. The parties expressly agree that Xxxxxxxxx’s preparation and submission to the Town of as-built drawings and a summary of actual construction costs for the Public Improvements to be dedicated to the Town are essential requirements of this Agreement. In the event that Developer fails to provide the as-built drawings and summary to the Town fifteen (15) business days prior to the expiration of the Estimated Costs. d. The Estimated Costs may increase in performance guarantee or any extension thereof, such failure shall constitute a breach of this Agreement with regard to the future. Accordinglycompletion of the Public Improvements, damages for which are impossible to ascertain, entitling the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee liquidated damages in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee$10,000, which the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates collect pursuant to the cost default and breach provisions of required Public Improvements not yet constructedthis Agreement. e. If F. Neither approval of any reduction to the Public Improvements are not constructed performance guarantee, nor any other reduction in security, shall be construed as the approval or completed within the period acceptance of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee any of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, which approval and acceptance shall only occur in accordance with Section 16.32.020 of the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by DeveloperCode. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat in the real estate records of Xxxxxxx County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer’s expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat by the Town is contingent upon the Developer's ’s provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town’s Director of Engineering/Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Engineering/Public Works’ estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the Town’s Director of Engineering/Public Works, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements. Nuisance Conditions. The Developer agrees to prevent the existence of any nuisances by way of its construction activities, as nuisances are defined by Title 6 of the Xxxxxx Municipal Code, and as referenced in Title 11 of the Xxxxxx Municipal Code. In the event the authorized inspector/designated Town authority determines that a nuisance exists, the Developer shall be subject to the provisions set forth in Xxxxxx Municipal Code Sections 11.12.040 and 11.12.050, regarding the abatement of nuisances and the cost assessed for the abatement thereof. In addition to the provisions above, if the nuisance is not abated or an abatement plan is not submitted to the satisfaction of the Town, the Town may, upon thirty (30) days’ notice under this Agreement, exercise the right to draw upon the performance guarantee specified in paragraph 12 of this Agreement. The Town may draw on the performance guarantee in order to pay the cost of abating the nuisance, including any expenses and penalties incurred under the Xxxxxx Municipal Code. The Town may exercise this right in addition to, or in lieu of, the withholding of permits and/or the withholding of certificates of occupancy. The right to draw on the performance guarantee shall be subject to the sole discretion of the Town, provided the Developer has received thirty (30) days' notice, as provided herein. The Town Planning Department and the Department of Engineering/Public Works shall be authorized to cease processing any land use or permit applications submitted by the same developer for the property that is contained within the same Planned Unit Development, until the nuisance is abated. This shall include, but not be limited to, acceptance of applications, sending referrals, scheduling meetings or hearings, or conducting reviews of projects.

Performance Guarantee. To secure If the construction and installation Developer requests that a building permit be issued within the Property prior to the City’s acceptance of the Required Improvements/Public Realm Improvements, the Developer shall furnish to the City, at the Developer's expense, a performance guarantee in accordance with the requirements of Chapter 23 of the Stillwater City Code. At no time shall the value of the performance guarantee be less than one hundred twenty five percent (125%) of the estimated cost of the uncompleted portion of the Required Improvements/Public Realm Improvements, unless the performance guarantee is in the form of a performance bond. At no time shall the value of the performance bond be less than one hundred percent (100%) of the estimated cost of the uncompleted portion of the Required Improvements/Public Realm Improvements. The cost of the Required Improvements/Public Realm Improvements, shall be estimated by the project general manager and/or the engineer who prepared the Plans. All cost estimates will be reviewed and approved by the Development Services Director or designee. Estimated costs shall be consistent with the actual prices that are currently being paid for similar work within the City of Stillwater. If the cost estimate appears to be too low, the Developer will be asked to provide copies of executed contracts as proof of actual costs. The cost estimate shall be in the form of a detailed line item cost estimate and shall include a description of each item, the unit of measure for each item, the quantity for each item, the unit price for each item and the total price for each item for all of the Required Improvements/Public Realm Improvements as shown on the Plans. The cost estimate shall be broken down into the following components that are included in the project: Public Streets, Private Streets, Traffic Control Devices, Sidewalks (only those that are the responsibility of the Developer), Water Distribution System, Sanitary Sewer Collection System, Sanitary Sewer Pre-Treatment Facilities, Storm Drainage Collection and Conveyance System, which includes stormwater detention and retention ponds, and Public Realm Improvements as identified on the “plans”. Such guarantee be provided to the City with the developer signed development agreement and prior to the issuance of a building permit. The letter of credit or alternate security pursuant to Chapter 16, Article XV performance bond shall name the City of Stillwater as the Superior Municipal Code based on the Estimated Costs. a. Approval of the FDP only beneficiary and shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with for a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developeryears maximum. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To secure Before starting work on the construction Improvements and installation before any building permit is issued for any structure to be erected in the Property, the Developer shall furnish to the City, at Developer's expense, an irrevocable letter of credit, in a form and content satisfactory to the city attorney, in which the City is designated as the beneficiary of an amount equal to the total cost, for the items shown on the “Schedule of Improvements” (Exhibit C), of the Public ImprovementsImprovements described in Exhibit C. The city and county engineer may permit the Developer to furnish the City with a performance guarantee for each phase or any combination of phases within the Property for the Improvements described in Exhibit C. As provided in section 00-00-000 of the Broomfield Municipal Code, the Developer shall may provide the City with fifteen percent of the cost of the Improvements on the condition that the City will not issue building permits until all improvements are installed, completed and accepted within the Property or within a letter phase of the Property. Letters of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs. a. Approval of the FDP shall be contingent upon Developer's provision of substantially in the Performance Guarantee within 30 days of form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's review and approval of the FDPcity attorney. b. Developer shall not start the construction 7.1 The estimated cost of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose completion of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs Improvements may increase in the future. Accordingly, the Town City reserves the right to review and adjust the Estimated Costs on an annual basiscost estimates at any time in the future, before or after Developer provides a letter of credit. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Cost Index as published by the Engineering News Record. If the Town City adjusts cost estimates for the Estimated CostsImprovements, the Town City shall give written notice to Developer. The Developer shall, within 30 thirty days after receipt of said written notice, provide the Town City with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the City with a new or amended Performance Guaranteeperformance guarantee, the Town City may exercise withhold building permits, water licenses, and certificates of occupancy within the remedies provided for herein; providedProperty. 7.2 Releases of the letter of credit shall be in accordance with the Standards and Specifications. 7.3 The letter of credit shall be maintained at an amount sufficient to fund all remaining improvements, howeversaid amount to be determined by the city and county engineer, that prior to increasing until all improvements have been accepted by the City. Thereafter, the letter of credit shall be maintained at the amount required by the Standards and Specifications during the two-year repair and replacement period referred to in paragraph 6.0 or longer if required by the warranty provisions of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructedStandards and Specifications. e. 7.4 If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee a letter of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 fourteen calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town City may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement agreement, or spend such funds to finish the Public Improvements improvements or correct problems with within the Public Improvements Property, as the Town City deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public ImprovementsImprovements above-described for which the Developer is responsible, the Developer shall, prior to recording the final plat in the real estate records of Gilpin County, which recording shall provide a occur no later than Decembex 0, 0998, furnish the City, at the Developer's expense, with an irrevocable letter of credit or alternate security pursuant in which the City is designated as beneficiary, to Chapter 16, Article XV secure the performance and completion of the Superior Municipal Code based on Public Improvements, or the Estimated Costs. a. Approval City may accept at its sole discretion some other form of security from the Developer in an amount equal to one hundred ten percent (110%) of the FDP shall estimated costs of the Public Improvements to be constructed and installed as set forth in Exhibit C. The Developer agrees that approval of the final plat by the City is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee within 30 days of City no later than December 1, 1998, in the Effective Dateamount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee City in the manner provided herein shall negate the TownCity's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the City Attorney. The Developer shall not start the any construction of any public or private improvement on the PropertyProperty including, including without limitation but not limited to, staking, earth work, overlot grading grading, or the erection of any structure, temporary or otherwise, until the Town City has received and approved the Performance Guarantee. c. irrevocable letter of credit; provided, however, this requirement shall not apply to the issuance of a bench excavation permit which is governed by City of Black Hawk ordinance. The City shall not issue a foundation excavation permit for the Property until such time as a CLOMR is issued for the Property. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the City's Director of Public Works, and where appropriate the Manager of the District, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx the Developer agrees to pay the Actual Costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town City reserves the right to review and adjust the Estimated Costs cost estimate on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town City adjusts the Estimated Costscost estimated for the Public Improvements, the Town City shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town City with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the City with a new or amended Performance Guaranteeletter of credit, the Town City may exercise the remedies provided for hereinin paragraph 5 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town City shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 8 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town City may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town City may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town City deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion or performance of construction and compliance with all conditions such improvements, conditions, and requirements within the required time time, and the written approval of the TownDirector of Public Works, ninety percent (90%) of the estimated costs of construction shall be released to the Developer within ten (10) days of acceptance by the City provided, however, the Performance Guarantee may be reduced to City shall retain through the amount of 25% one (1) year warranty period at least twenty percent (20%) of the total actual cost of construction and installation costs of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public Improvements, the Developer shall, prior to recording the final plat in the real estate records of Douglas County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the Town, at the Developer’s expense, with the performance guarantee described herein. The performance guarantee provided by the Developer shall provide a be an irrevocable letter of credit or alternate security pursuant in which the Town is designated as beneficiary in an amount equal to Chapter 16, Article XV one hundred ten percent (110%) of the Superior Municipal Code based on the Estimated Costs. a. Approval estimated costs of the FDP shall Public Improvements to be constructed and installed, as set forth in Exhibit C, to secure the performance and completion of the Public Improvements. The Developer agrees that approval of the final plat by the Town is contingent upon the Developer's ’s provision of an irrevocable letter of credit to the Performance Guarantee Town within 30 ninety (90) days of the Effective Dateexecution of this Agreement, in the amount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee Town, in the manner provided herein, shall negate the Town's ’s approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the Town Attorney. The Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. irrevocable letter of credit. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the Town’s Director of Engineering/Public Works, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Engineering/Public Works’ estimate shall govern after giving consideration to information provided by the Developer, including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, estimates and Xxxxxxxxx the Developer agrees to pay the Actual Costs actual costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs cost estimates on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index Index, as published by the Engineering News Record. If the Town adjusts the Estimated Costscost estimate for the Public Improvements, the Town shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the Town with a new or amended Performance Guaranteeletter of credit, the Town may exercise the remedies provided for hereinin Paragraph 6 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofParagraph 9 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements Improvements, as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all performance of such improvements, conditions and requirements within the required time and the written approval of the Town’s Director of Engineering/Public Works, the Performance Guarantee may be reduced Developer shall issue an irrevocable letter of credit to the Town in the amount of 25% twenty percent (20%) of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall , to be held by the Town during the 2two-year warranty period. If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements.

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated CostsCosts set forth in Exhibit A (the “Performance Guarantee”). a. Approval of the FDP final plat shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of prior to application for the Effective Datefirst grading permit for the Property. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDPfinal plat. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx Developer agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for hereinin this Agreement; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofthis Agreement, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. appropriate If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To secure the construction and installation of the Public Improvements, Developer shall provide a letter of credit or alternate security pursuant to Chapter 16, Article XV of the Superior Municipal Code based on the Estimated Costs. a. Approval of the FDP shall be contingent upon Developer's provision of the Performance Guarantee within 30 days of the Effective Date. Failure of Developer to provide the Performance Guarantee shall negate the Town's approval of the FDP. b. Developer shall not start the construction of any public or private improvement on the Property, including without limitation staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the Town has received and approved the Performance Guarantee. c. The purpose of the Estimated Costs is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx agrees to pay the Actual Costs of all such Public Improvements, regardless of the Estimated Costs. d. The Estimated Costs may increase in the future. Accordingly, the Town reserves the right to review and adjust the Estimated Costs on an annual basis. Adjustments shall be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town adjusts the Estimated Costs, the Town shall give written notice to Developer. Developer shall, within 30 days after receipt of said written notice, provide the Town with a new or amended Performance Guarantee in the amount of the adjusted Estimated Costs. If Developer fails to provide a new or amended Performance Guarantee, the Town may exercise the remedies provided for herein; provided, however, that prior to increasing the amount of the Performance Guarantee, the Town shall give credit to Developer for all Public Improvements which have actually been completed, so that the amount of the Performance Guarantee relates to the cost of required Public Improvements not yet constructed. e. If the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereof, the Town may draw on the Performance Guarantee of credit to complete the Public Improvements. If the Performance Guarantee is to expire within 14 calendar days and Developer has not yet provided a satisfactory replacement, or completed the Public ImprovementsImprovements as herein required, the Town may draw on the Performance Guarantee and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion of construction and compliance with all conditions and requirements within the required time and the written approval of the Town, the Performance Guarantee may shall be reduced to the amount of 25% of the total actual cost of construction and installation of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.

Performance Guarantee. To In order to secure the construction and installation of the Public ImprovementsImprovements above-described for which the Developer is responsible, the Developer shall, prior to recording the final plat in the real estate records of Gilpin County, which recording shall provide a occur no later than June 1, 0000, furnish the City, at the Developer's expense, with an irrevocable letter of credit or alternate security pursuant in which the City is designated as beneficiary, to Chapter 16, Article XV secure the performance and completion of the Superior Municipal Code based on Public Improvements, or the Estimated Costs. a. Approval City may accept at its sole discretion some other form of security from the Developer in an amount equal to one hundred ten percent (110%) of the FDP shall estimated costs of the Public Improvements to be constructed and installed as set forth in Exhibit C. The Developer agrees that approval of the final plat by the City is contingent upon the Developer's provision of an irrevocable letter of credit to the Performance Guarantee within 30 days of City no later than June 1, 1998 in the Effective Dateamount and form provided herein. Failure of the Developer to provide an irrevocable letter of credit to the Performance Guarantee City in the manner provided herein shall negate the TownCity's approval of the FDP. b. final plat. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the City Attorney. The Developer shall not start the any construction of any public or private improvement on the PropertyProperty including, including without limitation but not limited to, staking, earth work, overlot grading grading, or the erection of any structure, temporary or otherwise, until the Town City has received and approved the Performance Guarantee. c. irrevocable letter of credit; provided, however, this requirement shall not apply to the issuance of a bench excavation permit which is governed by City of Black Hawk ordinance. The City shall not issue a foundation excavation permit for the Property until such time as a CLOMR is issued for the Property. The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the City's Director of Public Works, and where appropriate the Manager of the District, as set forth in Exhibit C. If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer including, but not limited to, construction contracts and engineering estimates. The purpose of the Estimated Costs cost estimate is solely to determine the amount of security. No representations are made as to the accuracy of these estimates, and Xxxxxxxxx the Developer agrees to pay the Actual Costs of all such Public Improvements, regardless . The estimated costs of the Estimated Costs. d. The Estimated Costs Public Improvements may increase in the future. Accordingly, the Town City reserves the right to review and adjust the Estimated Costs cost estimate on an annual basis. Adjustments shall Adjusted cost estimates will be made according to changes in the Construction Costs Index as published by the Engineering News Record. If the Town City adjusts the Estimated Costscost estimated for the Public Improvements, the Town City shall give written notice to the Developer. The Developer shall, within 30 thirty (30) days after receipt of said written notice, provide the Town City with a new or amended Performance Guarantee letter of credit in the amount of the adjusted Estimated Costscost estimates. If the Developer refuses or fails to so provide the City with a new or amended Performance Guaranteeletter of credit, the Town City may exercise the remedies provided for hereinin paragraph 5 of this Agreement; provided, however, that prior to increasing the amount of the Performance Guaranteeadditional security required, the Town City shall give credit to the Developer for all required Public Improvements which have actually been completed, completed so that the amount of the Performance Guarantee relates security required at any time shall relate to the cost of required Public Improvements not yet constructed. e. If . In the event the Public Improvements are not constructed or completed within the period of time specified by Section 2 hereofparagraph 8 of this Agreement or a written extension of time mutually agreed upon by the parties to this Agreement, the Town City may draw on the Performance Guarantee letter of credit to complete the Public ImprovementsImprovements called for in this Agreement. If In the Performance Guarantee event the letter of credit is to expire within 14 fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, or completed the Public Improvements, the Town City may draw on the Performance Guarantee letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish the Public Improvements or correct problems with the Public Improvements as the Town City deems appropriate. If the Town has drawn on the Performance Guarantee, and a satisfactory replacement guarantee is provided or the Public Improvements have been completed, then the Town will release any funds received as a result of its draw on the Performance Guarantee within a reasonable period of time, or within 10 calendar days of a request by Developer. f. Upon completion or performance of construction and compliance with all conditions such improvements, conditions, and requirements within the required time time, and the written approval of the TownDirector of Public Works, ninety percent (90%) of the estimated costs of construction shall be released to the Developer within ten (10) days of acceptance by the City provided, however, the Performance Guarantee may be reduced to City shall retain through the amount of 25% one (1) year warranty period at least twenty percent (20%) of the total actual cost of construction and installation costs of the Public Improvements. The reduced Performance Guarantee shall be held by the Town during the 2-year warranty period.