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<br />229446v1 <br />4476897.v2 <br />J. The Developer shall convey to the City, prior to the final approval of plans and specifications and <br />at no cost to the City, all permanent and temporary easements for the installation and <br />maintenance of all public improvements determined to be necessary by the City. All such <br />easements shall be in a recordable form acceptable to the City and contain such terms and <br />conditions as the City may prescribe. <br /> 23. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of <br />this Contract, payment of real estate taxes including interest and penalties, payment of special assessments, <br />payment of the costs of all public improvements, and construction of all public improvements, the Developer <br />shall furnish the City with a cash escrow, or letter of credit, in the form attached hereto, from a bank ("security") <br />for $ 1,120,000.00. The amount of the security was calculated as follows: <br />CONSTRUCTION COSTS: <br />A. Storm Sewer/Drain tile $ 70,000.00 <br />B. Streets $ 700,000.00 <br />E. Erosion Control/Stormwater Basins, <br /> Restoration, Grading Certification $ 350,000.00 <br /> CONSTRUCTION TOTAL $ 1,120,000.00 <br /> <br /> This breakdown is for historical reference; it is not a restriction on the use of the security. The bank <br />shall be subject to the approval of the City Administrator. The City may draw down the security, on five (5) <br />business days written notice to the Developer, for any violation of the terms of this Contract or without notice <br />if the security is allowed to lapse prior to the end of the required term. If the required public improvements are <br />not completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down <br />without notice. If the security is drawn down, the proceeds shall be used to cure the default. Upon receipt of <br />proof satisfactory to the City that work has been completed and financial obligations to the City have been <br />satisfied, with City approval the security may be reduced from time to time by ninety percent (90%) of the <br />financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's <br />engineer shall be retained as security until all improvements have been completed, all financial obligations to <br />the City satisfied, the required "as constructed" plans have been received by the City, a warranty security is <br />Page 228 of 309