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JUN-17-97 TUE 16 :32 TOWN OF WINDSOR 6088462328 <br /> P. 05 <br /> - 4 - <br /> (E) Developer has provided proof that the Final CSM lot approved by the Town <br /> has been recorded. <br /> 8. Reimbursement of Town Expenses. Pursuant to Town Subdivision Ordinances <br /> and Town Policy,Developer shall reimburse the Town for all expenses incurred <br /> in the review and approval of this project. To wit: <br /> (A) Prior to the execution of this Agreement by the Town, Developer shall <br /> reimburse the Town for all costs, including Town Attorney fees and Town <br /> Engineer fees,related to the preparation,review and approval of this agreement <br /> and review and approval of the proposed CSM lot and its related public <br /> improvements. <br /> (B) Developer shall promptly pay to the Town all Town Engineer expenses related <br /> to the review and plan approval and construction inspections of the public <br /> improvements required pursuant to this Agreement. <br /> 9. Security. <br /> (A) Prior to the commencement of construction of improvements, the Developer <br /> shall file an Irrevocable Letter of Credit in a form prescribed by the Town or <br /> equivalent security approved as to form by the Town Attorney, in an amount <br /> approved by the Town Engineer. <br /> This security shall guarantee that the construction and installation of required <br /> public improvements will be completed in accordance with the approved Plans <br /> and Specifications, that all payments shall be made by the Developer as they <br /> come due, including any payment to or on behalf of the Town, and that any <br /> construction or materials reasonably determined by the Town Engineer to be <br /> defective will be repaired or replaced by the Developer. <br /> (B) The security furnished shall be held by the Town until the Town Engineer <br /> determines that all required construction and improvements have been <br /> completed and the Town Board has approved a Certificate of Completion; <br /> provided, however, that the Developer may periodically apply to reduce the <br /> security for portions of the construction that have been completed by the <br /> Developer and accepted by the Town Engineer. Following such acceptance and <br /> submission of Lien Waivers by the Developer's contractors for such accepted <br /> work,the Town Engineer shall approve reduction of the security for the amount <br /> of the accepted work; provided, however, that at no time during the <br /> construction shall the security be reduced to less than 15% of the original <br /> security. <br /> (C) The amount of security shall be 125 percent times the projected cost of the <br /> improvements estimated by the Developer and confirmed by the Town <br /> Engineer. <br /> 970321-5M-110697004m <br /> Dcwakp.agr <br />