O-2008-3061 agreement to provide construction and administrative services for the Sylvan Beach Shoreline Protection

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required to correct the issue or to remove the Project and restore the site to pre-Project conditions if the non-compliant condition cannot be remedied or repaired. (D) If there is any unforeseen significant adverse impact caused by the Project, the User may be required to remove the Project and to restore the site to pre-project conditions if the non- compliant impact cannot be remedied or repaired. (E) If the Project remains in place at the end of the term of this Agreement, the term and maintenance requirement may be extended for an additional ten (10) year term, ifnecessary. (F) If User shall be responsible for the removal of the Improvements pursuant to the foregoing terms or, if the Improvements should fail or cease to fulfill the purposes of the Project, User shall restore the Premises to their pre-Project condition and configuration at User's cost. (1) To assure adequate funding for removal of the Improvements and restoration of the Premises, prior to initiating construction of any Improvements related to or necessary for the Project, the User shall deposit with the State a removal deposit. At the User's option, the removal deposit may be: (a) A bond (from an issuer with an A.M. Best's Rating of not less than A); (b) An irrevocable letter of credit from a bank; (c) A cash deposit; or (d) Any other form of security that may be mutually agreed upon by the parties. (2) The removal deposit shall be an amount sufficient to cover the estimated cost of removal of the Improvements and the restoration of the Premises. The User, with approval from the State, shall determine the removal deposit amount based on the type and quantity of Improvements the User intends to install according to the project plan. (3) The State reserves the right, at any time, to review the removal deposit, ascertain the adequacy thereof, and require any necessary adjustment to the amount of the removal deposit, such that the removal deposit continues to cover the costs of restoration and removal of the Improvements. (4) Failure to (i) obtain approval of the required removal deposit, (ii) post the required removal deposit prior to construction of the Improvements, or (iii), increase the removal deposit within ninety (90) days of receipt of notice by the State in the event an adjustment in the removal deposit is required may be construed as an Event of Default. (5) If State determines that the Improvements must be removed, or in case of default or termination, and the User fails to remove the Improvements according to the terms of this Lease, the State may use the removal deposit to fund the restoration costs and the actual and reasonable costs of removal of such Improvements. REMAINDER OF PAGE INTENTIONALLY LEFT BLANK Special Document 20080002 - 5 pages . . .. . .. .. ... . - . '" ...... .. .. ... ..