Maintenance Guarantee. 11.1 The cash deposit or Letter of Credit deposited by the Developer pursuant to Section 10 herein shall, upon the completion of the work and upon the issuance of Preliminary Certificate of Completion by the Town, be reduced in accordance with Section 10.4 and the minimum Letter of Credit amount shall be retained by the Town as a maintenance guarantee to guarantee the workmanship and materials of the Works for a minimum period of one (1) year from the date of the Preliminary Certificate of Completion.
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Sources: Servicing Agreement, Servicing Agreement