109-22 Developers Construction Agreement.pdf

1152-121 224456-3 8 Performance Guarantee under this Agreement, and shall further provide for written notice to the Township of not less than thirty (30) days before its expiration, to enable the Township to determine if the letter of credit should be called before its expiration. The Developer agrees that in the event it becomes necessary for the Township to expend any part of any cash deposit, performance bond, letter of credit or other form of performance guarantee, the Developer shall replace the amount so used within thirty (30) days of the date the funds are disbursed. The use of the cash or the letter of credit by the Township shall not be considered a release of the Developer or of the performance guarantee, and the same shall be without prejudice to any rights the Township may have in connection with the construction or installation of the Improvements. 4. Maintenance Guarantee. The Developer agrees to post the two-year maintenance guarantees in accordance with and at the time required by the provisions of Township Ordinances, the MLUL, and applicable case law. 5. Construction Inspection Fee Escrow. The Developer agrees to pay the costs of inspection of Improvements by the Township Engineer, upon the terms set forth in the MLUL and LDO, by means of a cash escrow to be established by the Developer with the Township, in the amount determined by the Township Engineer and set forth on Exhibit B. (the “Inspection Escrow”). Payment of construction inspection fees pursuant to the MLUL and LDO, including those required for any off-tract Improvements shall be current at all times until completion of the Project. Any time the balance on account of the Inspection Escrow falls below the established minimum, the Developer shall, with reasonable notice of not less than ten (10) business days provided by the Township, immediately replenish the Inspection Escrow in an amount determined under and in accordance with the MLUL and LDO. The Township Engineer and other Township officials, in the Township’s discretion, shall suspend providing municipal