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CITY OF TRACY — OFFSITE IMPROVEMENT AGREEMENT OFF-SITE DETENTION BASIN 3A PUBLIC IMPROVEMENTS Page 3 of 14 2.1. Credits for Storm Drainage Fees. Upon full execution and delivery of this Agreement and provision of the Improvement Security described in Section 4, Project Developer shall be eligible for fee credits against Project Developer's obligation to pay the City's Storm Drainage Fees in the amount of$900,797.27. The associated program management fee shall continue to be paid in accordance with Applicable Law. 2.2 Evidenced by the execution of this Agreement, Developer acknowledges and agrees that the fee credits accruing under Section 2.1 shall be, fully, for the benefit of Project Developer, and Developer hereby fully assigns to Project Developer any rights and title to such fee credits Developer may have. 3. Time Of Performance. Time is of the essence in the performance of the Work, and the timing requirements set forth herein shall be strictly adhered to unless otherwise modified in writing in accordance with this Agreement. Developer shall submit all requests for extensions of time to the City, in writing, no later than ten (10) days after the start of the condition.which purportedly caused the delay, and not later than the date on which performance is due. 3.1. Commencement of Work. No later than fifteen (15) days prior to the commencement of Work, Developer shall provide written notice to the City Engineer of the date on which Developer intends to commence Work. Developer shall not commence Work until after the notice required by this section is properly provided, and Developer shall not commence Work prior to the date specified in the written notice. 3.2. Schedule of Work. Concurrently with the written notice of commencement of Work, Developer shall provide the City with a written schedule of Work, which shall be updated in writing as necessary to accurately reflect Developer's prosecution of the Work. 3.3. Completion of Work. Developer shall complete all Work no later than three hundred sixty-five (365) calendar days after Developer's submittal of its notice of commencement of Work pursuant to Section 2.1 above. 4. Improvement Security. Concurrently with the execution of this Agreement, and prior to the commencement of any Work, Developer shall furnish contract security, in a form authorized by the Subdivision Map Act (including Government Code Sections 66499 et seq.) and Tracy Municipal Code Section 12.36.080, in the following amounts: 4.1. Faithful Performance security in the amount of$ 3,410,000.00 to secure faithful performance of this Agreement.