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No. 992" and in conformity with thoge plans and specifications to be prepared

by Nf Re and approved by the City's City Engineer; and

(4) The Permittee shall, prior to commencing construction of the above works: (a) provide insurance in the amount and of the type required by the City; and

(b) provide a Statutory declaration which assigns the said works to the City, upon thelr completion and a Cartificate of Acceptance having been issued by the City Engineer of the City (hereinafter called "the City Engineer");

(c) provide a fee for engineering inspection carried out by the City, such fee to be in the amount of 4% of the value of the works as estimated by the City Engineer. 6

As a condition of the issuance of this Permit, the City 13 holding a security in

the form of am Irrevocable Letter of Credit in the amount of ($ Pdf fx ) Dollars.

to ensure that the works specified in paragraph E(1) hereto are carried out in accordance with the terms and conditions of this Permit. The condition of the posting af the security is that should the Permittee fail to carry out the said works, according ta the terms and conditions of this Permit within the time provided, the City may use the security and any interest thereon accrued by the City to carry out the works by its Servants, agents or contractors, and any Surplus shall be peid over to the Permittee, or should the Permittee carry out the said works within the time set out in paragraph € above, the security and any interest thereon accrued by the City shall be relurmed to the Permittee upon the

Permittee supplying to the City the following:

(1) An Lrrevocable Letter of Credit guaranteeing the materials and workmanship, with a value equal to 10% of the cost of construction, shall be deposited with

the City for a period of one year Following the City angineer's date of acceptance of the services. The said Irrevocable Letter of Credit, plus any interest thereon eared by the City, shall be released by the City in favour of the Permittee, in its entirety, less any amount of these funds expended by the City to maintain the services, after a period of oe year has expired from the

date of acceptance;

(2) "As constructed" drawings prepared by the Permittee's Engineer to the City's standard;

(3) Certification by the Permittee's Engineer that the completed services are in - accordance with the “as constructed" drawings mentioned in (2) above.

In the event that the Permittee has nat commenced the development authorized by this Permit by April] 36 , 1984 the Permittee may request refund

of the securities described in paragraphs 0 and F, and the City shall make such refund provided that couneil approves such refund by resolution.

All plans and specifications referred to above sre subject to any changes required by the Building Inspector or other officials of the City where such plans and specifications do not comply with any duly enacted law or bylaw, and such non-compliance is not specifically permitted by this Development Permit: minor variations which do not substantially a)lter the work referred to in Schedule "A" may be permitted if approved in writing by the Director of Community

Planning.