2014-04-07_GENERAL DOCUMENTS - M2008080

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improvements are constructed according to County standards, he or she shall recommend full acceptance. Upon a receipt of a positive unqualified written recommendation from the County Engineer and/or the Department of Planning Services for acceptance of improvements within the USR, the Board of County Commissioners shall fully accept said improvements. 7.0 General Requirements for Collateral: 7.1 County requires Property Owner to provide collateral to guaranty all of Property Owner's obligations under this Agreement: (1) Project Collateral for completion of all improvement described in this Agreement shall be provided separately for on -site improvements and off -site improvements; (2) Warranty Collateral required for all improvements during the warranty phase; and (3) Road Maintenance Collateral to be kept in place for the life of the USR permit. 7.2 Collateral submitted to Weld County to guarantee completion of the improvements identified on the accepted construction plans and further enumerated in the costs listed in Exhibit "A ", must be equivalent to One - Hundred percent (100 %) of the value of the improvements as shown in this Agreement. Collateral for Off -Site improvements mentioned in Section A., 1.0 of this Agreement that include only improvements involving turning radii and approaches can be included as part of the On- Site collateral amount, if clearly delineated on accepted construction plans and differentiated on Exhibit "A" On -Site Improvements of this Agreement. Such collateral shall be provided to the County on the dates set forth herein and shall be held in total until all improvements have been completed. This collateral must be submitted to County upon the submission of the Property Owner's application of a grading and/or right - of -way permit. 7.3 Warranty collateral for all on -site and off -site improvements shall be submitted to County and shall be held in total by the County for two (2) years following its written acceptance of the improvement(s). 7.4 Road maintenance collateral shall be submitted to County upon the release of the warranty collateral by the Board of County Commissioners. The amount of the collateral required for road maintenance shall be established by the Weld County Department of Public Works based upon its determination of the anticipated expenses, and its determination of the amount shall be final. Road maintenance collateral shall be held by County as long as this Agreement is in effect. if any of this collateral shall be collected by County, Property Owner shall replace the amount within six (6) months. 7.5 Road maintenance collateral shall be adjusted annually, during the month of January, for inflation. The First adjustment shall be made no less than twelve months after, and in no event later than twenty -four months from the execution of this Agreement. The adjustment shall be equal to the zo I IIIIIIIIIII 111111111111 [11111111111111111111111111 IN 3791261 09109/2011 11:42A Weld County, CO 10 of 17 R 0.00 0 0.00 Steve Moreno Clerk & Recorder