| ae
\ if 2 od SARE yet
peat i eA tee

SKIP RH
Me

oy

vee br ; fh Day et ipod
! 2 vit ‘af : “A ten * p OR ANS ony: cals 4 fo wre
aA reeaiee US ei reata chy Oe Aun Lif } wi ips 4 Era a , ad eat ite taney te, AA
oan UAE BAR Hes Shae i Hy ete pe Ply v Ligeti ele RS
DETR Resteey an ; f SLUT KA LORCA halt ETA Usd ad PR Pa si “4

ee

. ‘ SAN RAP ae REHRRA
Isis : } REO RG
3 Hee cea en ali ae nebo as BM
Ava if rR ney RY ee Ph nted in Hie hits TA
i i ashats

.

at each anniversary of the date of Certificate of Completion up

to the end of the fifth anniversary;

&s security for the payment of interest under this Section, tha

PORT ten te a ar te a

Developer has deposited with the City an {rrevecable latter of

cradit [n the amount of $50,000.00, which letter of credit may be

j

replaced on each anniversary of the Certificate of Completion by

4

aad ae

a letter of cradi+r for an amount equal to the principal amount

Poe Se hg 3 SEN On eI ae a

still outstanding multiplied by 10% multiptted by the number of
years remaining ta the fi Frh Anniversary of the Certificate of

Completion; and

In the event that any of the billings sent +o the Developer under
Section 14 (b) remain Unpaid after thirty (30) days from the data

of billing, the City may draw the amount from the letter of
credit. .

Be
i .
Hl

Execution of this Agreement does not release the Developer or any

other person from the requirements of any existing or future

7
to
1
I
i
o

subdivision or zoning bylaw or from payment of Development Cost

Charges in accordance with the Bylaws of the City.

ieaiaieeiane eee ee =. .

If a delay in completion of any covenants herein contained is caused

by reason of fabour disputes, fire, Aet of God, unusual delay by
common carriers or any other act which In the reasonable opinion of

BORER OR

eres

the City Is affectively beyond the Developer's control, the city may
extend the time for completion by the Developer of the covenants
herein contained for whatever time the City deems to be reasonable tn

the circumstances,

nit.
tae
Wis

i
Npyitey