LOC RELEASE AND ESCROW INCREASE; DEVELOPER IMPROVEMENTS Clause Samples

LOC RELEASE AND ESCROW INCREASE; DEVELOPER IMPROVEMENTS. The DEVELOPER may request that the LOC or cash deposits required by the DEVELOPMENT AGREEMENT be reduced at the following milestones: a) Two grading reductions at least two months apart; b) Three site improvement reductions at least two months apart; c) Final streets is retained in full until completion of the final streets; d) One landscape reduction of 50% upon complete installation required per the approved landscape plan. If it is determined by the CITY that the DEVELOPMENT PLANS were not strictly adhered to, or that work was done without CITY inspection, the CITY may require, as a condition of acceptance, that the DEVELOPER post an additional irrevocable LOC, or cash deposit equal to 125% of the estimated amount necessary to correct the deficiency or to protect against deficiencies arising therefrom. In the event that work, which is concealed, was done without permitting CITY inspection, then the CITY may, in the alternative, require the concealed condition to be exposed for inspection purposes.