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CCR2004064COMMON COUNCIL. CITY OF MUSKEGO RESOLUTION #064.2004 - APPROVAL OF FINAL PLAT, SUBDIVIDER'S AGREEMENT, STORMWATER MANAGEMENT PLAN, RETENTION POND MAINTENANCE AGREEMENT, CONSTRUCTION AGREEMENT FOR BRIDGE IMPROVEMENTS AND LETTER OF CREDIT Candlewood Creek Addition No.1 WHEREAS, A Final Plat was submitted on March 10, 2004 by Towne Realty for the Candlewood Creek Addition NO.1 Subdivision located in the NW % of Section 11 to create 27 residential lots; and WHEREAS, The Plan Commission has recommended approval through Resolution #P.C. 043- 2004; and - WHEREAS, The Subdivider's Agreement, Stormwater Management Plan, Retention Pond Maintenance Agreement, Construction Agreement for Bridge Improvements and Letter of Credit have been received for the Candlewood Creek Addition No.1 Subdivision and the Finance Committee has recommended approval. NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of Muskego, upon the recommendation of the Plan Commission, does hereby approve the Final Plat for the Candlewood Creek Addition NO.1 Subdivision, subject to approval of the City Engineer and all objecting and approving agencies, receipt of all fees as provided in Section 18.14 of the Land Division Ordinance, any special assessments which may be due, and the conditions outlined in Resolution #P.C. 043-2004. - BE IT FURTHER RESOLVED That the Subdivider's Agreement, Stormwater Management Plan, Retention Pond Maintenance Agreement, Construction Agreement for Bridge Improvements and Letter of Credit for the Candlewood Creek Addition NO.1 Subdivision, as attached, are hereby approved subject to approval of the City Attorney and City Engineer, all of said approvals to be obtained within thirty (30) days of the date of approval of this Resolution or the same will be null and void. BE IT FURTHER RESOLVED That a digital file of this final plat sha~1 be submitted to the City in accordance with Common Council Ordinance #1118 and Resolution #196-2002. BE IT FURTHER RESOLVED That the Mayor and Clerk-Treasurer are hereby authorized to sign the necessary documents in the name of the City, and that the Mayor, in consultation with the City Attorney, may make any necessary technical corrections. DATED THIS 13th DAY OF April ,2004. SPONSORED BY: FINANCE COMMITTEE Ald. Rick Petfalski Ald. Nancy C. Salentine Ald. Eric Schroeder This is to certify that this is a true and accurate copy of Resolution #064-2004 which was adopted by the Common Council of the City of MU~Skego. , . '--.;U~~. k-Treasurer h CANDLEWOOD CREEK LLC - CITY OF MUSKEGO --. CANDLEWOOD CREEK ADDITION NO.1 - SUBDIVIDER'S AGREEMENT This Agreement, made this _th day of , 2004 by and between Candlewood Creek LLC (the "Subdivider") and the City of Muskego, a municipal corporation of the State of Wisconsin, located in Waukesha County, (the "City"). WITNESSETH WHEREAS, the Subdivider has submitted for approval by the City a Final Plat for Candlewood Creek Addition No.1 Subdivision (the "Subdivision"), a part of the lands described as: A SUBDIVISION OF OUTLOT 4 AND OUTLOT 5 OF CANDLEWOOD CREEK, BEING PART OF THE SOUTHWEST ÿ4 OF THE NORTHWEST ~ OF SECTION 11, TOWN 5 NORTH, RANGE 20 EAST, IN THE CITY OF MUSKEGO, WAUKESHA COUNTY, WISCONSIN the Final Plat(s) of which will be recorded with the Register of Deeds for Waukesha County and a copy of which is on file in the Office of the City Clerk; and WHEREAS, Section 236.13 of the Wisconsin Statutes provides that as a condition of plat approval, the governing body of the City may require that the Subdivider make and install certain public improvements reasonably necessary for the Subdivision and further, may require dedication of public streets, alleys or other ways within the Subdivision, to be conditioned upon the construction of said improvements according to municipal specifications without cost to said municipality; and - WHEREAS, The City's Engineers, the City's Public Works Committee, Public Utility Committee and Finance Committee have duly approved, contingent of certain other approvals, Subdivider's plans and specifications for subdivision improvements, and the City's Plan Commission and Common Council have duly approved the final plat of Candlewood Creek Addition NO.1 Subdivision contingent in part upon the execution and performance of this Agreement by the Subdivider. NOW, THEREFORE, In consideration of the covenants herein contained, the parties hereto agree as follows: - Page 2 Candlewood Creek Subdividers Agreement - SECTION I : PLATTING 1. This Subdivider's Agreement addresses the development of 27 parcels platted for single family residential use, and 7 Outlots platted for open space and stormwater retention purposes, all being under the Provisions of Chapters 17 and 18 of the Municipal Code, and under the auspices of RS-3 Suburban Residence District zoning. a) Single family parcels shall conform to the zoning requirements of RS-3 Suburban Residence district, being a minimum of 15,000 square feet in area, 100 feet in average lot width, having street yard setbacks of 40 feet, side yard offsets of 10 feet and 15 feet, and rear yard offsets of 15 feet. b) In lieu of payment by Subdivider of Park Fees as required by Section 18.21 of the Muskego land Division Ordinance, Outlots 6, 8, 9, 10 and 11 shall be dedicated to the City of Muskego for park and open space purposes, and shall be owned and maintained by the City of Muskego. c) Outlots 7 and 12 shall be utilized for stormwater management purposes and shall be owned and maintained by an incorporated Owners' Association established by Subdivider. 2. Subdivider shall entirely at its expense: a) Concurrent with the execution of this Agreement tender an Irrevocable Standby letter of Credit in the amount required herein for the construction of improvements required by this Agreement. No construction activity may commence until this Agreement has been executed and recorded, and the letter of Credit has been tendered. - b) Concurrent with the execution of this Agreement, provide the City with title evidence acceptable to the City Attorney showing that upon recording the Plat, the City will have good, indefeasible title to all interests in land dedicated or conveyed to the City by the Plat. c) Within six (6) months of approval of this Agreement by the Common Council, the Subdivider shall execute this Agreement, shall cause this Agreement to be recorded at the Waukesha County Register of Deeds, and shall provide City with evidence of recording. d) Within six (6) months of approval by all approving authorities and waiver of objection by all objecting authorities, the Subdivider shall cause the final plat of Candlewood Creek Addition No. 1 to be executed and recorded, and shall provide City with evidence of recording. e) Place and install monuments required by State Statute or City Ordinance. SECTION II : PHASING 1. Subdivider and City agree that final platting and the installation of public and private improvements described in Section III shall occur in one phase. - Page 3 Candlewood Creek Subdividers Agreement - SECTION III: IMPROVEMENTS Subdivider shall entirely at its expense: A. ROADS AND STREETS: 1. Grade and improve all roads and streets in accordance with the plans and specifications approved by the Public Works Committee on January 26, 2004 including off site improvements necessary to provide such roads and streets, including grading and gravel, curb and gutter, and asphalt street improvements, as approved by the Director of Engineering and Building and Public Works Committee as indicated in the plans and specifications dated on January 26, 2004 and on file with the Engineering and Building Department. 2. Restore any damage to existing pavement, curb, gutter, and landscaping which may result from construction of subdivision improvements. 3. Reimburse the City for the cost of all street signs, street lights, traffic signs and posts, including the cost of their installation. B. STORM AND SURFACE WATER DRAINAGE AND MASTER GRADING PLAN: - 1. Construct, install, furnish and provide facilities as approved by the Director of Engineering and Building and Public Works Committee on January 26, 2004 for storm and surface water drainage throughout the entire Subdivision, and a Master Grading Plan providing for sump pump discharge to a tile or storm sewer system, all in accordance with the plans and specifications dated on January 26, 2004 and on file in the Building and Engineering Department. The City retains the right to require the Subdivider to install at its cost additional storm drainage and erosion control measures prior to acceptance of improvements by the City of Muskego. 2. Grade and improve all lots in conformance with the Master Grading Plan as approved by the Director of Engineering and Building and Public Works Committee on January 26, 2004 all in accordance with the plans and specifications dated on January 26, 2004 and on file in the City Building and Engineering Department. Restore with topsoil and seed. Establish dense vegetation. 3. Clean all Storm Sewers prior to acceptance of improvements and the issuance of building permits by the City. 4. Execute and record a Maintenance Agreement in the form attached hereto, which document shall be incorporated herein and made part hereof, as approved by the Director of Engineering and Building and Public Works Committee on January 26, 2004 relating to privately owned storm water appurtenances, and provide proof of recording prior to sale of lots in the Subdivision. Keep and maintain all -storm sewers, retention or detention ponds, and surface water drainage features which are outside ot the rights-ot-way in perpetuity, as provided tor in the Maintenance Agreement. C. SANITARY SEWER: - 1. Construct, install, furnish, and provide without cost to City, a complete sanitary sewage collection system throughout the entire Subdivision, and including off site improvements necessary to provide such system, as approved by the Director of Engineering and Building and the Public Utilities Committee on January 19, 2004 all in accordance with the plans, specifications and drawings dated on January 19, 2004 and file in the City Building and Engineering Department. Page 4 Candlewood Creek Subdividers Agreement - 2. Complete, to the satisfaction of the Director of Engineering and Building, any remaining punch list items concerning the Sanitary Sewer System prior to the connection of any structure to the sanitary sewer systems. 3. Televise the sanitary sewer system, repair any defects as determined by the Director of Engineering and Building, and supply video tape to City of Muskego, and clean all sewer lines prior to the issuance of building permits, and acceptance of improvements by the City. D. WATER MAIN: 1. Construct, install, furnish, and provide without cost to City, a complete system of water supply and distribution, throughout the entire Subdivision, as approved by the Director of Engineering and Building and Public Utilities Committee on January 19, 2004 and in accordance with the plans and specifications dated on January 19, 2004 and on file in the City Building and Engineering Department. 2. Apply for all necessary permits to use water from hydrants for construction permits, as may be required by the City. 3. Complete to the satisfaction of the Director of Engineering and Building any punch list items concerning the water system prior to connection of any building to the water system. E. LANDSCAPING: - 1. Preserve existing trees outside of the public right-of-way to the maximum extent possible, when installing the Subdivision improvements. Replace trees in accordance with plans to be approved by the Plan Commission. 2. Remove and lawfully dispose of destroyed trees, brush, tree trunks, shrubs and other natural growth, and all rubbish. 3. Plant street trees without cost to City in accordance with Section 18.60 of the Muskego land Division Ordinance and the adopted Urban Forestry Management Plan and Urban Forestry Strategic Plan dated March 28, 2000 and adopted by the Common Council on July 11, 2000 and in accordance with plans to be approved by the Planning Director and Plan Commission. Planting may be deferred until the time that ninety percent (90%) of the homes have been completed or thirty-six (36) months after installation of the first lift of asphalt, whichever comes first. F. EROSION CONTROL MEASURES: - 1. Submit to the City, an application for a land Disturbing Permit in accordance with the Erosion Control Plan as approved in accordance with the requirements of Section 29.06 of the City's Erosion Control Ordinance by the Director of Engineering and Building and Public Works Committee on January 26,2004 in accordance with the plans and specifications dated on January 26,2004 and on file in the Building and Engineering Department. 2. Construct, install, furnish and provide without cost to City, a complete system of Erosion Control Devices or measures in specified areas of the Subdivision, in accordance with the Erosion Control Plan as approved by the Director of Engineering and Building and Public Works Committee on March 28, 2002 in accordance with the plans and specifications dated on January 26, 2004 and on file in the City Building and Engineering Department. No construction or grading can begin until said permit is issued by the City, and no grading shall occur without a two (2) day notice to the City. - - "..... Page 5 Candlewood Creek Subdividers Agreement 3. Install silt fencing in conformance with the approved Erosion Control Plan prior to the grading and construction work. Such fences shall be maintained by the Subdivider until such time as vegetative cover is established in the Subdivision. Install mulching and seeding of all disturbed areas to comply with Municipal Code Chapter 29. 4. Ensure that each individual lot owner obtains a separate erosion control permit at any time that any vegetation is disturbed, and insure that each individual lot owner is responsible for controlling erosion on their subject lot. 5. Maintain Sixty-Five Thousand Dollars ($65,000.00) in the Letter of Credit, to be retained until adequate vegetation is established as determined by the Director of Engineering and Building. A reduction of fifty percent (50%) of the Sixty-Five Thousand Dollar ($65,000.00) portion of the Letter of Credit is allowable upon verification that fifty percent (50%) of disturbed areas are vegetated. If, upon a written notification by the Director of Engineering and Building or Building Inspection Department of non-compliance of Chapter 29, the terms are not corrected within five (5) days, the City may utilize the Sixty-Five Thousand Dollar ($65,000.00) portion of the Letter of Credit to correct the terms of non-conformance. SECTION IV: TIME OF COMPLETION OF IMPROVEMENTS The improvements set forth in Section III, except for final surface course of pavement as described herein, shall be completed by the Subdivider within one (1) year from signing of this Agreement or except if an earlier date is provided for in the Agreement. The final surface course of pavement and landscaping may be deferred until ninety percent (90%) of the homes have been completed, or 36 months after the installation of the first lift of asphalt, whichever comes first. If the final surface course of pavement and landscaping, is not completed within twelve (12) months of the date of this Agreement, the Subdivider shall extend the Letter of Credit in a form acceptable to the City until such time as the final surface course of pavement is completed. If the City receives notice of the intention to terminate the Letter of Credit prior to completion of the final surface course pavement and street trees, such notice shall be considered a failure to complete improvements in accordance with this agreement and shall entitle the City to immediately draw against the Letter of Credit. Page 6 Candlev.ood Creek Subdividers Agreement ,.. SECTION V : AS-BUILT CONSTRUCTION PLANS Subdivider authorizes the City to prepare all necessary as-built construction plans for improvements to be dedicated to the City. Subdivider agrees to reimburse City for all costs incurred in the preparation and distribution of as-built data, including collection of data, revisions to construction documents and upload of data to City's Geographic Information System, and City may utilize Subdivider's Developers Deposit account for all charges related hereto. SECTION VI : DEDICATION AND ACCEPTANCE OF IMPROVEMENTS Subject to all of the other provisions of this agreement, Subdivider shall, without charge to the City, upon completion of the above described improvements, unconditionally give, grant, convey and fully dedicate the streets, recreation trails, sanitary sewers, watermains, storm water drainage facilities (excluding those facilities which are to be owned and maintained by Owners Associations) to the City, its successors and assigns, forever, free and clear of all encumbrances (except those encumbrances that may be acceptable to the City) whatever together with and including, without limitation because of enumeration, any and all land, buildings, structures, mains, conduits, pipes lines, plant, machinery, equipment, appurtenances and hereditaments which may in any way be a part of or pertain to such improvements and together with any and all necessary easements for access thereto. The City will be receptive to the dedications of improvements, except private storm water drainage facilities, after the first lift of bituminous concrete pavement has been installed, when all said utilities have been completed and approved by the Director of Building and Engineering and other agencies as applicable. - Dedication shall not constitute acceptance of any improvement by the City. The City shall not accept the dedication of any improvements which do not fully comply with City standards and specifications. Claims of financial hardship by the Subdivider shall not be considered a reason for the City to accept substandard materials or work. At such time as all improvements are completed and acceptable as called for under this Agreement, and all approvals have been received from regulatory agencies, such improvements shall be accepted by the City by separate Resolution. The Resolution of Acceptance shall be recorded with the Waukesha County Register of Deeds. The City shall have the right to connect to or integrate other utility facilities with the improvements provided herein without payment, award, or consent required of the Subdivider. SECTION VII: INSPECTION AND ADMINISTRATIONS FEES Subdivider shall pay and reimburse the City in advance of the signing of the Agreement, in accordance with Section 18.14 of the Land Division Ordinance and Ordinance No. 909, and at times specified herein, but in any event, no later than thirty (30) days after billing, all fees, expenses and disbursements which shall be incurred by the City prior to and following the date hereof in connection with or relative to the construction, installation, dedication and acceptance of the improvements covered by Section III, including without limitation by reason of enumeration, design, engineering, preparing, checking and review of designs, plans and specifications, supervision, inspection to insure that construction is in compliance with the applicable plans, specifications, regulations and ordinances; legal, administrative and fiscal work undertaken to assure and implement such compliance. Failure to payor reimburse the City in a timely manner may cause the City to cease all construction inspections until such time as all anticipated or outstanding inspection and administration fees have been satisfied. ..-.. Page 7 Candlewood Creek Subdividers Agreement ,,-. SECTION VIII : MISCELLANEOUS REQUIREMENTS The Subdivider shall: 1. Easements: Provide any easements on Subdivider's land deeded necessary by the Director of Engineering and Buildings prior to the Final Plat being signed, provided such easements are along lot lines or to the rear of the lots and are not any more restrictive to the building of homes beyond the applicable side yard and offset distances required by the zoning for such lots. 2. Manner of Performance: Cause all construction called for by this Agreement to be carried out and performed in a good and workmanlike manner. 3. Municipal Codes and Ordinances: All the provisions of the City's ordinances are incorporated herein by reference, and all such provisions shall bind the parties hereto and be a part of this Agreement as fully as if set forth at length herein. This Agreement and all work and improvements required hereunder shall be performed and carried out in strict accordance with and subject to the provisions of said ordinances. SECTION IX: GUARANTEES: The Subdivider shall guarantee the public roads and streets, sanitary sewers, watermains, surface water drainage improvements and all other improvements described in Section III, against defects due to faulty materials or workmanship provided that such defects appear within a period of one (1) year from the date of acceptance. The Subdivider shall pay for any damages to City property resulting from such - faulty materials or workmanship. This guarantee shall not be a bar to any action the City might have for negligent workmanship or materials. Wisconsin law on negligence shall govern such situation. SECTION X : GENERAL INDEMNITY: In addition to, and not to the exclusion or prejudice of, any provisions of this agreement or documents incorporated herein by reference, Subdivider shall indemnify and save harmless, and agrees to accept tender of defense and to defend and pay any and all reasonable legal, accounting, consulting, engineering and other expenses relating to the defense of any claim asserted or imposed upon the City its officers, agents, and employees, and independent contractors growing out of this agreement as stated above by any party or parties except those claims asserted by Subdivider against City, its officers, agents and employees in an effort to enforce this Agreement. The Subdivider shall also name as additional insured on its general liability insurance the City, its officers, agents, and employees, and any independent contractors hired by the City to perform service as to this Subdivision and give the City evidence of the same upon request by the City. ,.~ a) Hold Harmless. The Subdivider shall indemnify and hold harmless the City, its officers, agents, independent contractors, and employees from and against all claims, damages, losses, and expenses, including attorney's fees arising out of or resulting from the performance of the Work, providing that any such claim, damage, loss, or expense (i) is attributable to bodily injury, sickness, disease, or death, or to injury to or destruction of tangible property (other than the Work itself) including the loss of use resulting therefrom, and (ii) is caused in whole or in part by any negligent act or omission of the Subdivider, its officers, agents, independent contractors, and employees or anyone for whose acts any of them may be made liable, regardless of whether or not it is caused in part by a party indemnified herein. A claim for indemnification under this section shall be conditioned upon the City giving to the Subdivider, within thirty (30) business days of receiving the same, written notice of any such claim made against the City for which indemnification is sought, and if requested to do so by Subdivider's insurance carrier, the City shall tender the defense of such claims to the Subdivider's insurance carrier. In any and all claims against the City, its Page 8 Candlewood Creek Subdividers Agreement - officers, agents, independent contractors, and employees by the Subdivider, its officers, agents, independent contractors, employees, and anyone directly or indirectly employed by any of them or anyone for whose acts any of they may be held liable, the indemnification obligation under this section shall not be limited in any way by any limitation on the amount or type of damages, compensation, or benefits payable by or for the Subdivider, its officers, agents, independent contractors, employees under Workers' Compensation Acts, disability benefit acts, or other employee benefit acts. b) Personal Liability of Public Officials. In carrying out any of the provisions of this Agreement or in exercising any power or authority granted to them thereby, there shall be no personal liability of the City officers, agents, independent contractors, or employees, it being expressly understood and agreed that in such matters they act as agents and representatives of the City. - c) Indemnification for Environmental Contamination. The Subdivider shall indemnify, defend, and hold City and its officers, agents, independent contractors, and employees harmless from any claims, judgments, damages, penalties, fines, costs, or loss (including reasonable fees for attorneys, consultants, and experts) that arise as a result of the presence or suspected presence in or on the real property dedicated or conveyed to the City by, under, pursuant to, or in connection with the Plat and this Agreement (including but not limited to street right-of- way) of any toxic or hazardous substances arising from any activity occurring prior to the acceptance of all improvements. Without limiting the generality of the foregoing, the indemnification by the Subdivider shall include costs incurred in connection with any site investigation or any remedial, removal, or restoration work required by any local, State, or Federal agencies because of the presence or suspected presence of toxic or hazardous substances on or under the real property, whether the soil, groundwater, air, or any other receptor. The City agrees that it will immediately notify Subdivider of the discovery of any contamination or of any facts or circumstances that reasonably indicate that such contamination may exist in or on the real property. Upon receipt of notice from the City or other entities, Subdivider shall investigate and rectify conditions which indicate the presence of or suspected presence of contamination on the subject property as identified by local, state, or federal agencies in order to comply with applicable laws. d) Subdivider shall, at its expense, obtain and carry comprehensive general liability insurance with combined single limits of at least One Million Dollars ($1,000,000.00) for one person and at least Five Million Dollars ($5,000,000.00) per occurrence, and at least One Million Dollars ($1,000,000.00) property damage (or such higher amounts as the City shall from time to time deem reasonable). Such policy shall cover both Subdivider and the City and its agents, employees, and officials, and all insurers shall agree not to cancel or change the same without at least thirty (30) days written notice to the City. A certificate of Subdivider's insurance shall be furnished to the City upon execution of this Agreement. Each such policy shall provide that no act or default of any person other than the City or its agents shall render the policy void as to the City or effect the City's right to recover thereon. SECTION XI : AGREEMENT FOR BENEFIT OF PURCHASERS: The Subdivider shall agree that in addition to the City's rights herein, the provisions of this Agreement shall be for the benefit of the purchaser of any lot or any interest in any lot or parcel of land in the Subdivision. Further, that the sale of any lot or parcel shall not release the Subdivider from completing the work on the attached Exhibits. - -- - - Page 9 Candlewood Creek Subdividers Agreement SECTION XII : CONSTRUCTION PERMITS, ETC...: The City shall, within its authority: 1. Issue such permits, adopt such resolutions, and execute such documents as may be necessary to permit the Subdivider to construct the improvements in accordance with the plans and specifications called for by this agreement, upon Subdivider's compliance with any deposit provisions or other requirements of the applicable ordinances or regulations. 2. Furnish the Subdivider such permits or easements as may be required to enter upon and install the previous described improvements in any public street or public property. 3. Cooperate with the Subdivider in obtaining similar permits, resolutions and documents as may be necessary from other authorities having jurisdiction in the premises. 4. Make available to the Subdivider or their nominee successors or assigns, permits for the construction of single family residences subject to the provision of Section XIII. SECTION XIII: BUILDING AND OCCUPANCY PERMITS: It is expressly understood and agreed that no building permits or occupancy permits shall be issued for any homes until the Director of Engineering and Building has determined that: 1. The sanitary sewer, water and surface water drainage facilities required to serve such homes are connected with an operational system as required herein, and installation of the bituminous concrete base course pavement has been properly installed, and 2. Video tape of sanitary sewer system has been furnished to the Director of Engineering and Building, and 3. Certification is provided to the Director of Engineering and Building by a Registered Land Surveyor that all lot grades conform to the Master Grading Plan, and 4. Negative balance in Developer's Deposit is satisfied unless otherwise authorized by the Planning Director. It is expressly understood and agreed that no occupancy permits shall be issued for any homes until the Planning Director has determined that: 5. Street Tree Plans as required by Section III E (3) of this Agreement have been approved by the City's Plan Commission. SECTION XIV. FINANCIAL GUARANTEES: 1. LETTER OF CREDIT: Concurrent with the execution of this Agreement by the City, the Subdivider shall file with the City a Letter of Credit setting forth terms and conditions approved by the City Attorney and Finance Committee on April 13, 2004 in the amount of $924,500.00 as a guarantee that the required plans, and improvements will be completed by the Subdivider and it's subcontractors no later than one (1) year from signing of the Agreement, except if another date is provided within this Agreement and as a further guarantee that all obligations to the subcontractors for work on the Subdivision are satisfied. a) Invoices: Invoices documenting public improvements addressed and not addressed in the Letter of Credit, but attributable to the subject development shall be provided to the City. Page 10 Candlewood Creek Subdividers Agreement - b) Reduction Of Letter Of Credit Balance: The Subdivider shall provide Director of Engineering and Building with a written request accompanied by: invoices for work completed for which a release is being requested, breakdown of invoices in the format of the Public Improvement Cost Breakdown form, and signed original lien waivers for all work which is subject of release request. The Director of Engineering and Building will process all requests in accordance with policies adopted by the Finance Committee, as may be amended from time to time. 2. DEVELOPER'S DEPOSIT: The Subdivider shall maintain a $10,000.00 balance in the Developer's Deposit. No reduction of the Letter of Credit balance shall be entertained until the Developer's Deposit is satisfied unless otherwise authorized by the Common Council following a recommendation of the Finance Committee. 3. PRESERVATION OF ASSESSMENT RIGHTS: a) Waiver of Notice. In addition to other remedies provided to the City by this Agreement, the City shall have the right, without notice or hearing, to impose special assessments for any amount to which the City is entitled by virtue of this Agreement upon the Subdivision. This provision constitutes the Subdivider's consent to the installation by the City of all improvements required by this Agreement and constitutes the Subdivider's waiver of notice and consent to all special assessment proceedings as described in Sec. 66.60 (18), Wis. Statutes. b) Remedies not exclusive. The City may use any other remedies available to it under the Agreement or in law or equity in addition to, or in lieu of, the remedies provided herein. - SECTION XV. PARTIES BOUND: Subdivider or its assignees shall be bound by the terms of this agreement or any part herein as it applies to any phase of the development. Approval by the City shall not be deemed a waiver as the ultimate responsibility for the proper design and installation of streets improvements, drive and parking areas, water facilities, drainage facilities, ditches, landscaping and all other improvements shall be the Subdividers. The fact that the City or it's engineers, or it's attorney, or it's staff may approve a specific project shall not constitute a waiver, or relieve the Subdivider from ultimate responsibility for the design, performance, and function of the Development and related infrastructure. SECTION XVI . AMENDMENTS AND ASSIGNMENT: Subdivider shall not assign this Agreement without the written consent of the City. The City and the Subdivider, by mutual consent, may amend this agreement, by written agreement between the City and the Subdivider. SECTION XV: NOTICES AND CORRESPONDENCE Unless otherwise stated in this Agreement, the delivery of all notices and correspondence shall only be effective upon being delivered personally, sent by prepaid United States Postal Service certified mail with return receipt requested, sent by facsimile with transmission confirmation, or sent by electronic mail, to all parties as follows: - .-.. To City: Planning Department City of Muskego PCB 749 W182 58200 Racine Avenue Muskego, WI 53150-0749 (262) 679-4136 (262) 679-5614 facsimile Planning@ci.muskego.wi.us To Subdivider: Candlewood Creek LLC Attn: William A. Wigchers 710 North Plankinton Ave Milwaukee, WI 53203 (414) 274-2486 (414) 274-2728 facsimile bill.wigchers@Zilber.com AII notices shall be considered to have been delivered at the time such notices are personally delivered to each party on the date of the facsimile transmission, or electronic mail transmission, or three (3) days after the date of postmark on any prepaid certified letter, facsimile transmission, or electronic mail. Parties to this Agreement shall give fifteen (15) days notice of any change of mailing address, telephone or facsimile number, or electronic mail address. Failure to provide said notice may constitute a default by the party. SECTION XVII: PARTIES TO THE AGREEMENT - IN WITNESS HEREOF, Subdivider has caused this Agreement to be signed by its appropriate offiærs and their seals to be hereunto affixed in duplicate original counterparts on the date and year first written above. A. CANDLEWOOD CREEK LLC By:_Towne Realty, Inc., Member William A. Wigchers, Vice President STATE OF WISCONSIN) SS WAUKESHA COUNTY ) PERSONALLY came before me this _th day of , 2004,William A. Wigchers, Vice President of Towne Realty Inc., Member of Candlewood Creek LLC, to me known to be the person who executed the foregoing instrument and acknowledged the same. Notary Public-State of Wisconsin My Commission Expires - Page 12 Candlewood Creek Subdividers Agreement DRAFT 4/13/2004 ,-. IN WITNESS HEREOF, City has caused this Agreement to be signed by its appropriate officers and their seals to be hereunto affixed in duplicate original counterparts on the date and year first written above. B. CITY OF MUSKEGO: BY: Mark A. Slocomb, Mayor BY: Jean K. Marenda, City Clerk-Treasurer STATE OF WISCONSIN) SS W AUKESHA COUNTY) PERSONALLY came before me this _th day of , 2004, the above named Mark A. Slocomb, Mayor, and Jean K, Marenda, City Clerk-Treasurer of the City of Muskego, to me known to be the persons executed the foregoing instrument, and to me known to be such Mayor and City Clerk- Treasurer of said municipal corporation, and acknowledged that they executed the foregoing instrument as such officers as the deed of said municipal corporation by its authority and pursuant to the authorization by the Common Council from their meeting on the 13th day of April, 2004. - Notary Public-State of Wisconsin My Commission Expires CERTIFICATION This is to certify that the foregoing is a true and correct copy of the Subdivider's Agreement for Candlewood Creek Addition No.1 Subdivision, Muskego, Wisconsin, as entered into on the _th day of , 2004, by and between Candlewood Creek LLC and the City Of Muskego, pursuant to the authorization by the Common Council from their meeting on the 13h day of April, 2004. BY THE COMMON COUNCIL Jean K. Marenda, City Clerk-Treasurer SUBSCRIBED AND SWORN TO BEFORE ME This _th day , 2004. My commission expires This instrument drafted by Jeff Muenkel, Director of Planning City of Muskego PO Box 749 Muskego, WI 53150 - - CANDLEWOOD CREEK ADDITION NO.1 STORM WATER MANAGEMENT PLAN The City of Muskego Storm Water Management Ordinance requires the filing of a storm water management plan and grading plan. The grading plan, including all hydraulic calculations together with storm sewer plans and appurtenant storm water structures has been filed by the Subdivider's engineer with the City of Muskego. Such information was utilized by the City of Muskego to evaluate the environmental characteristics of the area affected by the land development activity in Candlewood Creek Addition No.1, the potential impacts of the development upon the quality and quantity of storm water discharges, the potential impacts upon water resources and drainage systems and the effectiveness and acceptability of proposed storm water management measures in meeting the performance standards set forth in the storm water ordinance. The intent of this storm water management plan is to set forth specific storm water management measures to guide the Subdivider, the City of Muskego and the Candlewood Creek Addition NO.1 Homeowner's Association regarding the management of storm water in Candlewood Creek Addition No.1 Subdivision. Storm water management measures shall not be limited to those expressed in this plan which may be expanded upon by the Wisconsin Department of Natural Resources, the City of Muskego or any other party having jurisdiction. This plan shall be broken down into three sections: - SECTION 1 - DUTIES AND RESPONSIBILITIES OF THE SUBDIVIDER The Subdivider shall at its expense: 1. Create the above referenced grading plans, hydraulic calculations, storm sewer, and drainage plans and after approval of same by the City of Muskego file all such approved plans with the City. 2. The Subdivider shall improve the site by constructing said grading and storm water conveyance systems together with all specified erosion control measures including final stabilization of the site, all in accordance with the Subdivider's Agreement and approved plans on file with the City. 3. The Subdivider shall construct storm water retention ponds to be contained in the Outlots in Candlewood Creek Addition No. 1and in Outlot 1 of CSM 9592 in accordance with the Conveyance of Rights in Lands by and between the City of Muskego and Candlewood Creek LLC. The Subdivider shall as-built the finish grade of the ponds and provide the as- built plans to the City and Candlewood Creek Addition NO.1 Homeowner's Association. The Subdivider shall also provide a bench mark at each pond to be illustrated on the as-built drawings. - 4. The Subdivider upon completion of the above referenced improvements shall convey by final plat and deed restrictions the improvements to Candlewood Creek Addition NO.1 Homeowner's Association, which shall Candlewood Creek Stormwater Management Plan Page 2 - be responsible for carrying out the storm water measures on an ongoing basis expressed in this Pan. It is understood that private ownership and maintenance of the storm water management improvements, including storm sewers within Candlewood Creek Addition No.1 Subdivision commences outside of City owned rights-of-way. All improvements contained within the City owned rights-of- way shall be the responsibility of the City to own and maintain. SECTION 2 - DUTIES AND RESPONSIBILITIES OF THE CITY --- The City of Muskego and the Department of Natural Resources (DNR) has expended great effort and expense to remove sediment and rough fish from Big Muskego Lake. The City and the DNR have established certain requirements for retention pond and storm water management within Candlewood Creek Addition No.1 Subdivision to minimize flooding and sediment migration to the adjacent navigable stream including Big Muskego Lake, adjacent wetlands, and other tributary properties, to prevent rough fish propagation and reintroduction into Big Muskego Lake. To assure quality control the City of Muskego is willing to administer an annual "draw down" of each retention pond that will result in reducing the depth of the water during the cold months of the year. This draw down of the depth of the storm water ponds will freeze-out all fish resulting in a rough fish free pond thereby minimizing the risk of reintroduction of rough fish during flooding conditions into the navigable stream which is tributary to Big Muskego Lake. The City shall also administer an annual inspection of the storm water retention ponds to monitor any build-up of sedimentation on the floor of the respective ponds. Under Section 1, the Subdivider shall provide the City with an as-built drawing of the ponds after construction together with a bench mark at each pond which data shall become the basis for measurement of sediment build-up. The costs and expenses for the City to provide these services shall be entered on the tax roll as a special charge or special assessment equally against the individual lots within Candlewood Creek Addition NO.1 and collected with any other taxes levied thereon for the year in which the work is completed. Set forth below, is an outline of the City's responsibilities which has been agreed to by the DNR: 1. City of Muskego shall administer draw down and inspect for sediment build-up. Draw down of all retention ponds shall occur annually, generally within the first two weeks of November. Draw down may only occur after determination that sediment build-up will not be transported through the 4" discharge pipe. If sediment build-up has occurred above the invert elevation of the discharge pipe it must be removed prior to draw down. Draw down gate valves shall be closed within one week of commencement of the draw down. - .-... Candlewood Creek Stormwater Management Plan Page 3 2. Sediment build-up in ponds shall be determined on an annual basis and shall be recorded in a log. Removal of sediment shall be administered by the Homeowner's Association according to Section 3. SECTION 3 - DUTIES AND RESPONSIBILITIES OF THE CANDLEWOOD CREEK ADDITION NO.1 HOMEOWNER'S ASSOCIATION - An incorporated association of the owners of all single family lots in Candlewood Creek Addition NO.1 has been created for the purposes of managing and controlling Common Areas including the outlots which contain the storm water retention ponds. This owner's association is formally titled Candlewood Creek Addition NO.1 Homeowner's Association, and it is referred to herein as the Association. The ownership and maintenance including all payment of associated costs for the storm water retention ponds shall be the responsibility of the Association. The guidelines set forth below shall not limit additional measures which may from time to time be mandated by the City, DNR or any other party having jurisdiction: 1. The Association on an annual basis, shall provide maintenance of each storm water retention pond, including but not limited to, removal of debris, maintenance of vegetative areas, maintenance of storm water structures, emergency overflows including rip rap and sediment removal. 2. According to Section 2 the City shall keep an annual log of the depth of sediment in the floor of the storm water retention ponds. When sediment build-up reaches 15", the City shall notify the Association to remove the sediment. The DNR has required that any pumping of sediment laden water by contractors shall be filtered through a temporary sediment basin appropriately sized prior to being discharged into the creek or wetlands. 3. The Association shall be responsible for water quality in the storm water retention ponds including removal of weeds and algae control. 4. Upon notification to the Association, by the City of Muskego, of maintenance problems which require correction, the specified corrective actions shall be taken within a reasonable time frame as set by the City of Muskego. -. 5. The City of Muskego is authorized to perform the corrective actions identified in the inspection report if the Association does not make the required corrections in the specified time period. The costs and expenses shall be billed to the Association, and if unpaid, shall be entered on the tax roll as a special assessment or special charge equally against the residential Parcels in Candlewood Creek Addition No.1, collected with any other taxes levied thereon for the year in which the work is completed. tf/II8'- Candlewood Creek Storm water Management Plan Page 4 THIS INSTRUMENT DRAFTED BY: JEFF MUENKEL CITY OF MUSKEGO PLANNING DEPARTMENT W182 S8200 RACINE AVENUE MUSKEGO WI 53150 Approved by Public Works Committee March 28, 2002 _. -- CANDLEWOOD CREEK ADDITION NO.1 RETENTION POND MAINTENANCE AGREEMENT - This Agreement is made and entered into this _th day of , 2004, by and between Candlewood Creek LLC, (hereinafter referred to as "Subdivider"), the incorporated Candlewood Creek Addition No.1 Homeowners Association (hereinafter the "Association") and the City of Muskego, a Municipal Corporation located in the County of Waukesha and the State of Wisconsin, (hereinafter referred to as "City"). WITNESSETH: WHEREAS, the Subdivider has submitted for approval by the City a Final Plat for Candlewood Creek Addition No.1 Subdivision (the "Subdivision"), being a part of the lands described as: A SUBDIVISION OF OUTLOT 4 AND OUTLOT 5 OF CANDLEWOOD CREEK, BEING PART OF THE SOUTHWEST X OF THE NORTHWEST X OF SECTION 11, TOWN 5 NORTH, RANGE 20 EAST, IN THE CITY OF MUSKEGO, WAUKESHA COUNTY, WISCONSIN Hereinafter referred to as the "Subdivision", and WHEREAS, The City has approved the plat of Candlewood Creek Addition No.1 and the construction of storm water retention ponds within outlots on the property and on City of Muskego owned adjacent lands; and -.. WHEREAS, The Subdivider has received various City permits, Army Corps of Engineers permits, and Wisconsin Department of Natural Resources permits hereinafter referred to as DNR permits to construct Candlewood Creek Addition No.1 Subdivision; and WHEREAS, Candlewood Creek Addition No.1 Subdivision contains a navigable stream which is directly upstream from Big Muskego Lake and Bass Bay, and the City and DNR has expended great effort and expense to remove sediment and rough fish from Big Muskego Lake; and WHEREAS, the City and the DNR has established certain requirements for retention ponds and storm water management to be constructed in Candlewood Creek Addition No.1 Subdivision to minimize flooding and sediment migration to the adjacent navigable stream including Big Muskego Lake and adjacent wetlands and other tributary properties and to prevent rough fish propagation and reintroduction into Big Muskego Lake; and WHEREAS, the Subdivider has established Candlewood Creek Addition No.1 Homeowner's Association consisting of the owners of Parcels 48-74 inclusive, hereinafter referred to as the "Association", which shall become the owner of certain outlots upon recording of the final plat and the Candlewood Creek Addition No.1 Declarations of Protective Covenants. Upon completion of the storm water retention ponds the Association shall be responsible for the maintenance of the retention ponds constructed thereon; and -- Candlewood Creek Retention Pond Maintenance Agreement Page 2 - WHEREAS, the City intends to reserve the right to enforce the requirement that the storm water retention pond areas are maintained in a manner consistent with DNR requirements and with this agreement and the storm water management plan dated February 15, 2002 and an Addendum dated October 13, 2003 on file in the offices of the City of Muskego Building Department as required by the City of Muskego Storm Water Management ordinance; NOW THEREFORE, in consideration of the mutual covenants and agreements. IT IS AGREED, as follows: 1. The Association, unless otherwise provided for in the storm water management plan, shall be responsible for maintenance of the storm water management measures. 2. The Association shall maintain the storm water management measures in accordance with the approved storm water management plan dated October 13, 2003 on file in the offices of the City of Muskego Building Department as required by the City of Muskego Storm water Management Ordinance. 3. The City of Muskego is authorized to access the property to conduct inspections of storm water practices as necessary to ascertain that the practices are being maintained and operated in accordance with the approved storm water management plan. - 4. The Association, on an annual basis, shall provide maintenance of each storm water management measure, including but not limited to, removal of debris, maintenance of vegetative areas, maintenance of structural storm water management measures and sediment removal. 5. Upon notification to the Association, by the City of Muskego, of maintenance problems which require correction, the specified corrective actions shall be taken within a reasonable time frame as set by the City of Muskego. 6. The City of Muskego is authorized to perform the corrective actions identified in the inspection report if the Association does not make the required corrections in the specified time period. The costs and expenses shall be entered on the tax roll as a special charge or special assessment against Lots 48-74 inclusive on a pro-rata basis and collected with any other taxes levied thereon for the year in which the work is completed. - 7. The Subdivider shall deposit in a segregated account with the City five thousand dollars ($5,000.00) to cover the estimated costs associated with the pond draw downs necessary for the first five (5) years. Upon commencement of the sixth (6) year, and continuing in each year thereafter, the City shall invoice the Candlewood Creek Addition NO.1 Homeowner's Association in an amount sufficient to return the account balance to One Thousand Dollars ($1,000.00). Said billing shall occur prior to November 1 of each calendar year, to cover the costs associated with the pond draw downs in the following year. 8. Any annual costs in excess of the $1,000.00 account balance, and which are associated with the retention pond draw downs, shall be billed to the Association. Costs not paid shall be placed in equal amounts as a special assessment or special - Candlewood Creek Retention Pond Maintenance Agreement Page 3 charge on the tax bills for the residential lots. If the Homeowner's Association has not been released by Subdivider upon commencement of the sixth (6) year, the Subdivider shall deposit a minimum of one thousand dollars ($1,000.00) per year for each year said incorporation does not occur, plus any additional costs as deemed necessary by the City. 9. This document is a part of the Candlewood Creek Addition No.1 Subdivider's Agreement, which terms are incorporated herein, shall be recorded with the Waukesha County Register of Deeds and shall be a covenant running with the land and binding upon all owners of said land. IN WITNESS WHEREOF, Subdivider has caused this Agreement to be signed by its appropriate officers and their seals to be hereunto affixed in duplicate original counterparts on the date and year first written above. A. CANDLEWOOD CREEK LLC By: Towne Realty Inc, Member By: - William A. Wigchers. Vice President STATE OF WISCONSIN) SS W AUKESHA COUNTY ) PERSONALLY came before me this - th day of - 2004 William A. Wigchers, Vice President of Towne Realty, Inc., Managing Member of Candlewood Creek LLC, to me known to be the person who executed the foregoing instrument and acknowledged the same. Notary Public. Waukesha County, Wisconsin My commission expires - Candlewood Creek Retention Pond Maintenance Agreement Page 4 - IN WITNESS WHEREOF. the incorporated Candlewood Creek Addition No.1 Home Owners Association has caused this Agreement to be signed by its appropriate officers and their seals to be hereunto affixed in duplicate original counterparts on the date and year first written above. B. CANDLEWOOD CREEK ADDITION NO.1 HOMEOWNERS ASSOCIATION By: William A. Wigchers STATE OF WISCONSIN}SS WAUKESHA COUNTY} PERSONALLY came before me this _th day of , 2004, by William A. Wigchers, to me known to be the persons who executed the foregoing instrument and acknowledged the same. Notary Public, Waukesha County, Wisconsin - My commission expires Candlewood Creek Retention Pond Maintenance Agreement Page 5 - IN WITNESS WHEREOF, City has caused this Agreement to be signed by its appropriate officers and their seals to be hereunto affixed in duplicate original counterparts on the date and year first written above City of Muskego By: Mark A. Slocomb, Mayor By: Jean K. Marenda, City ClerklTreasurer STATE OF WISCONSIN}SS WAUKESHA COUNTY} -. Personally came before me this _th day of , 2004, the above named Mark A. Slocomb, Mayor and Jean Marenda, City ClerklTreasurer, of the above-named municipal corporation City of Muskego, to me known to be the persons executed the foregoing instrument, and to me known to be such Mayor and City ClerklTreasurer of said municipal corporation, and acknowledged that they executed the foregoing instrument as such officers as the deed of said municipal corporation by its authority and pursuant to the authorization by the Common Council from their meeting on the 13th day of April, 2004. Notary Public, Waukesha County, Wisconsin My commission expires Candlewood Creek Retention Pond Maintenance Agreement Page 6 - CERTIFICATION This is to certify that the foregoing is a true and correct copy of the Retention Pond Maintenance Agreement for Candlewood Creek Addition NO.1 Subdivision, Muskego, Wisconsin, as entered into on this - th day of , 2004 by and between Candlewood Creek LLC, the incorporated Candlewood Creek Home Addition No.1 Owners Association, and the City of Muskego, pursuant to the authorization by the Common Council from their meeting on the _th day of , 2004. BY THE COMMON COUNCIL Jean K. Marenda, CMC City ClerkfTreasurer SUBSCRIBED AND SWORN TO BEFORE ME this _th day of , 2004. - Notary Public, Waukesha County, Wisconsin My commission expires -. - - - '. - Marshall & Iisley Bank 770 f':Jorth Water StreetIPO Box 2035fMllwaukee, WI 53201-2035fTel 414 765-7600 Commercial Real Estate .. WWW.mlbank.com .) :; Mr. Mike J agodinski Towne Realty 710 N Plankinton Milwaukee, WI 53203 April 7, 2004 ~ :1 ü :] ~ .j ~ Re: Draft Letters of Credit, City of Muskego , .i J Dear Mike: .,' " :; Enclosed is a draft of our Letter of Credit in the amount of $924,500 for the subdivision improvements in Muskego. Also enclosed is a draft of our Letter of Credit in the aznount of $270,000 for the construction of a bridge in Muskego. c, ~ Upon final approval and request for issnanc~ the original Letters of Credit, on M&I Letterhead, will be issued. ~ " ~ .. '; 11 ,( ~ If you have any questions, or if we can be on any further help in this matter. please call me at 414-765.7619. Enclosures /cmh 600~ RLV.Lsa 'IYmI 'I::nDüiO:> I'8Ji 6TL686ZtUT XVI! ;'::' ".., " '. - **DRAFT FOR DISCUSSION ONLY** (4/9/04) 2nd draft DATE: xxxxxx XX xxxxx IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB XXXX AMOUNT: USD270,000.00 APPLICANT: Candelwood Creek LLC, 710 Plankinton Ave., Milwaukee, WI 53203 BENEFICIARY: City of Muskego POBox 749 Wl82 S8200 Racine Avenue Muskego WI 53150-00749 Atln: Mayor of Muskego We hereby issue this irrevocable documentary credit in your favor, which is availahle by Beneficiary's draft(s) at sight drawn on the M&I Marshall & IIsley Bank. Each draft accompanying documents must state: "Drawn under M&I Marshall & Ilsley Bank Standby Letter of Credit No. SB XXXX." This Standby Credit is to provide a guarantee to the City of Muskego for the performance of the Applicant's obligations under that certain Agreement dated XXXXX XX, 20üX, between the City of Muskego and the Applicant. DRAFTS ARE TO BE ACCOMPANIED BY: - A statement signed by the Mayor of the City of Muskego stating that the Applicant has failed to complete the improvements in accordance with said Agreement or otherwise comply with the obligations of the Agreement. Said statement shall set for the estimated amount necessary for the City of Muskego to complete such improvements or otherwise comply with the obligations of the Agreement. SPECIAL CONDITIONS: This Standby Credit will tenninate on the _th day of -' 200X, provided, however, the M&I Marshall & IIsley Bank shall give written notice to the Beneficiary of its intention to terminate this standby credit at ninety (90) days prior to the - th day of -' 200X. After said date, this letter of credit can only terminate upon ninety (90) days written notice to the beneficiary. It is hereby agreed by all parties hereto that the reference to "Agreement" is for identification purposes only and such reference shall not be construed in any manner to require M&I Marshall & Ilsley Bank to inquire into its terms and obligations. We engage with you that drafts drawn under and in compliance with the terms of this credit will be duly honored if presented on or before the expiration date. This original Standby Credit must be submitted to us together with any drawings hereunder for our endorsement of any payments effected by us and/or for cancellation. The Maximum Amount of this Letter of Credit may be reduced upon our receipt of the City of Muskego's faxed notice, completed in the format attached hereto as Exluòit 1 (page 2), on its letterhead and originally signed. - M&I Marshall & Ilsley Bank Authorized Signature Officer & Manager of Global Trade Services S :intl\1c \misc\sb 7325 .doc - **DRAFT FOR DISCUSSION ONL y** Page 3, Exhibit 1, which fonDS an integral part ofIrrevocable Standby Letter of Credit No. SB XXXX dated XXXXXXXXXX XX, 2004 issued in favor of the (Beneficiary). (Following to appear on the Beneficiary's letterhead, with appropriate blanks completed.) ------------------------------------------------------------------------------------------------------------------------------ CERTIFICATE FOR REDUCTION TO STANDBY LETTER OF CREDIT NO. SB XXXX DATE: TO: M&I Marshall & Ilsley Bank Global Trade Services 770 N. Water Street, 4th Floor Milwaukee, WI 53202 Fax: 414-765-7788 - RE: Reduction Certificate No. to Letter of Credit No. SB XXXX Applicant: Candlewood Creek LLC You are irrevocably authorized to reduce the Maximum Amount of this Letter of Credit to USD , even though you did not endorse the reverse of the original Letter of Credit for such reduction. Regards, City of Muskego II Authorized Signature IITitle cc: Candlewood Creek LLC - **Ifthis Certificate reduces the Maximum Amount to USDa. 00, please return the original Letter of Credit and all A mendments to us for cancellation. * * - **DRAFT FOR DISCUSSION ONL y** (4n /04) 3m Draft DATE: xxxxxx XX xxxxx IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB XXXX AMOUNT: USD924,SOO.OO APPLICANT: Candelwood Creek LLC, 710 Plan1cinton Ave., Milwaukee, WI 53203 " i, :! j; BENEFICIARY: City of Muske go POBox 749 W182 S8200 Racine Avènue Muskego WI 53150-00749 Attn: Mayor of Muskego II i! i ~ ,ì ii \! ~ We hereby issue this irrevocable documentary credit in your favor, which is available by Beneficiary's draft(s) at sight drawn on the M&I Marshall & Ilsley Bank. Each draft accompanying documents must state: "Drawn under M&I Marshall & Ils1ey Bank Standby Letter of Credit No. SB XXXX." This Standby Credit is to provide a guarantee to the City of Muskego for the performance of the Applicant's obligations under that certain Agreement dated , 2004 between the City of Muskego and the Applicant. DRAFTS ARE TO BE ACCOMPANIED BY: - A statement signed by the Mayor of the City of Muskego stating that the Applicant has failed to . complete the construction of subdivision improvements in accordance with said Agreement or otherwise comply with the obligations of the Agreement. Said statement shall set forth the estimated amount necessary for the City of Muskego to complete such improvements or otherwise comply with the obligations of the Agreement. SPECIAL CONDmONS: This Standby Credit will terminate on the - th day of -----" 200X, provided, however, the M&I Marshall & IIstey Bank shall give written notice to the Beneficiary of its intention to terminate this standby credit at ninety (90) days prior to the _th day of ----J 200X. After said date, this letter of credit can only terminate upon ninety (90) days written notice to the beneficiary. We engage with you that drafts drawn under and in compliance with the terms of this credit will be duly honored if presented on or before the expiration date. This original Standby Credit must be submitted to us together with any drawings hereunder for our endorsement of any payments effected by us and/or for cancellation. i .j 1 j ~ 'i J !. t It is hereby agreed by all parties hereto that the reference to "Agreement" is for identification pUIposes only and such reference shall not be construed in any manner to require M&I Marshan & IIsley Bank to inquire into its terms and obligations. The Maxfunun Amount of this Letter of Credit may be reduced upon our receipt of the City of Muskego's faxed notice, completed in the format attached hereto as Exhibit 1 (page 2), on its letterhead and originally signed. M&I Marshall & llsley Bank - Authorized Signature Officer & Manager of Global Trade Services S:int1\1c\misc\sb7326.doc - **DRAFT FOR DISCUSSION ONL y** Page 3, Exhibit 1, which forms an integral part of Irrevocable Standby Letter of Credit No. SB XXXX dated XXXXXXXXXX XX, 2004 issued in favor of the (Beneficiary). (Following to appear on the Beneficiary's letterhead, with appropriate blanks completed.) CERTIFICATE FOR REDUCTION TO STANDBY LETTER OF CREDIT NO. SB XXXX DATE: TO: M&I Marshall & Ilsley Bank Global Trade Services 770 N. Water Street, 4d1Floor Milwaukee, WI 53202 Fax: 414-765-7788 - RE: Reduction Certificate No. - to Letter of Credit No. SB XXXX Applicant: Candlewood Creek LLC You are irrevocably authorized to reduce the Maximum Amount of tbis Letter of Credit to USD . even though you did not endorse the reverse of the original Letter of Credit for such reduction. Regards, City of Muske go II Authorized Signature I/Title cc: Candlewood Creek LLC **Jfthis Certificate reduces the Maximum Amount to USDa. 00, please return the original Letter of Credit and a/I Amendments to us for cancellation. ** -