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B. Prior to execution of the Assignment by the City, either Delo <br />Apartment or the Assignee shall perform an inspection of the Detention Pond <br />as required by the Agreement, and shall submit to the City a report of such <br />inspection. Further, Assignee shall perform such inspections and submit such <br />reports, covering all facilities, every six months, as required by the Agreement. <br />2. The proposed Assignment of Maintenance and License Agreement, <br />which assigns such agreement to CT Delo, LLC and HG Delo, LLC (together, <br />"Assignee"), is hereby approved in essentially the same form as the copy <br />accompanying this Resolution, conditioned on the following: <br />A. Prior to execution of the Assignment by the City, the Assignee <br />shall post with the City and maintain for the Maintenance Term of the <br />Agreement (as such term is defined in the Agreement), a cash deposit in the <br />amount of $10,000.00 (the "Performance Guarantee"), for the purpose of <br />assuring Assignees' faithful performance of its obligations under the <br />Agreement. <br />3. The Mayor is hereby authorized to execute each of the Assignments <br />on behalf of the City Council, and the Mayor is hereby further authorized to negotiate <br />and approve such revisions to said Assignments prior to their execution as the Mayor <br />determines are necessary or desirable for the protection of the City, so long as the <br />essential terms and conditions of the Assignments and this Resolution are not <br />altered. <br />PASSED AND ADOPTED this 3rd day of September, 2024. <br />ATTEST: <br />G. 152--tr\-0 <br />Genny Kline, Interim City Clerk <br />4'k /44„ _ <br />Christop ek/M. Leh, ayor <br />Resolution No. 40, Series 2024 <br />Page 2 of 2 <br />