08 Plat approval, variance, easement acceptance and subdivision improvements

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ensure against defects during the warranty period specified in Article II of this Agreement. In lieu of the retention of the fifteen percent (15%) Cash Escrow or fifteen percent (15%) Letter of Credit provided for in paragraph 3.02(b) of this Agreement, the City Engineer may accept a maintenance bond in the same amount from the Contractor actually performing the work. Such maintenance bond shall be in a form and substance acceptable to the City Attorney of the City of Paris. At such time as the remaining Cash Escrow is refunded to the Developer, such refund shall include accrued interest, at whatever interest rate City received for said deposit, less administrative fees as provided for in this Agreement. In the event that the cash flow is refunded within six (6) months of deposit, only the principal will be refunded. ARTICLE IV. DEDICATION AND ACCEPTANCE 4.01. City Inspection During the construction of the Public Improvements the City will periodically inspect the Public Improvements for compliance with this Agreement, the Standard Specifications and the Engineering Plans. Upon completion of the Public Improvements, the City Engineer shall make a final inspection of the Public Improvements. 4.02. Public Improvements to be Constructed on Public Property; Good Title Public Improvements shall be constructed wholly within property dedicated to the public in fee simple absolute or within easements conveyed to the public. All dedications shall be made complete prior to final acceptance of the Public Improvements by the City. At the option of the City, the City may require that the Developer convey by warranty deed, fee simple title or by easement the real property upon which the Public Improvements are located. In addition, the City may require, at its option, that Developer provide at Developer's cost title insurance in an amount equal to the cost of the Public Improvements or such other evidence of title acceptable to the City Attorney or his/her designee, indicating that the City will be receiving good and indefeasible fee simple title free and clear of all liens, encumbrances and restrictions. 4.03. Final Acceptance Once the Public Improvements are completed and have been inspected and approved by the City Engineer and found to be in substantial compliance with the Standard Specifications and Engineering Plans, the City Engineer shall issue his/her letter of acceptance which shall evidence the City's acceptance of ownership and maintenance of the Public Improvements and the real property associated therewith. In no event shall the City be required to accept separate Public Improvements at different times. However, nothing shall preclude the City from doing so if, in the reasonable opinion of the City Engineer, it is beneficial and feasible for the City to do so. SUBDIVISION IMPROVEMENT AGREEMENT PAGE 6 ~-AJ