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and irrigation and drainage improvements. The total amount of the Improvement <br />Guarantee for the Development shall be calculated as a percentage of the total estimated <br />cost, including labor and materials, of all public improvements to be constructed in the <br />Development, which costs are set forth on Exhibit A. The total minimum amounts are as <br />follows: <br />1) Prior to issuance of building permits: 115% of estimated construction <br />costs, as determined by the City; <br />2) Upon Construction Acceptance prior to Final Acceptance: reduced to <br />15%; <br />3) After Final Acceptance: reduced to 0%, subject to the terms and <br />conditions of this Agreement. <br />(c) In addition to any other remedies it may have, the City may, at any time prior <br />to Final Acceptance, and upon thirty (30) days prior written notice to Developer (pursuant <br />to this Agreement), draw on any Improvement Guarantee issued pursuant to this <br />Agreement if Developer fails to extend or replace any such Improvement Guarantee at <br />least forty-five (45) days prior to expiration of such Improvement Guarantee. Except to <br />the extent the City draws on the Improvement Guarantee to correct deficiencies and <br />complete improvements as provided herein, any portion of said Guarantee not utilized in <br />correcting the deficiencies and/or completing the same shall be released or returned to <br />Developer within thirty (30) days after said Final Acceptance. In the event that the <br />Improvement Guarantee expires or the entity issuing the Improvement Guarantee <br />becomes non -qualifying, or the cost of the public improvements and construction thereof <br />is reasonably determined by the City to be substantially greater than the amount of the <br />Improvement Guarantee provided, then the City shall furnish written notice to Developer <br />of the condition, and within thirty (30) days of receipt of such notice Developer shall <br />provide the City with a substituted qualifying Improvement Guarantee, or augment the <br />deficient security as necessary to bring the security into compliance with the requirements <br />of this Agreement. If such an Improvement Guarantee is not submitted or maintained for <br />the Development as required herein, then Developer is in default of this Agreement, and <br />the City may exercise its rights and remedies hereunder, in equity, and at law to secure <br />performance. <br />1.13 Indemnification and Release of Liability. Developer agrees to indemnify and <br />hold harmless the City, its officers, employees, agents, or servants, and to pay any and <br />all judgments rendered against said persons on account of any suit, action, or claim <br />caused by, arising from, or on account of acts or omissions by the Developer, its officers, <br />employees, agents, consultants, contractors, and subcontractors, and to pay to the City <br />and said persons their reasonable expenses, including, but not limited to, reasonable <br />attorneys' fees and reasonable expert witness fees, incurred in defending any such suit, <br />action or claim; provided however that, Developer's obligations herein shall not apply to <br />the extent said suit, action or claim results from the acts or omissions of officers, <br />employees, agents or servants of the City. Developer acknowledges that the City's review <br />and approval of plans for the Development is done in furtherance of the general public's <br />5 <br />