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<br />229446v1 <br />and in regard to any action or event of default by Developer, resulting in any suit or proceeding at law or <br />in equity to which the City shall become a party in reference to the Developer’s interest in the <br />Development. Reimbursement shall be due and payable to the City within thirty (30) days following the <br />receipt of a statement, therefore. The Developer shall post a cash escrow in the amount of two and one- <br />half percent (2.5%) of the estimated costs of the Public Improvements, outlined in Section 24. This <br />escrow will be drawn from as the project progresses to cover the City’s ongoing costs and expenses <br />relating to administration and construction observation of the Improvements. City administration will <br />include, but is not limited to, supervision of construction observation, consultation with Developer and <br />its engineer on status or problems regarding the project, coordination for final inspection and <br />acceptance, project monitoring during the warranty period, and processing of requests for reduction in <br />security. Construction observation shall include full, or part time inspection of all work associated with <br />the Improvements. Based on experience it is estimated that an escrow of two and one-half percent <br />(2.5%) shall be sufficient to cover the City-related expenses associated with the work. Delays, changes in <br />work scope, contractor performance, etc. can all contribute to this amount not being sufficient. All City <br />costs experienced in excess of the escrow are the responsibility of the Developer and shall be promptly <br />reimbursed to the City. These costs will be billed directly to the Developer and become due per the <br />terms stated in Section 27. Upon acceptance of all completed Improvements, as required by this <br />agreement, any remaining balance of the cash escrow will be returned to the developer within 30 days. <br /> 18. CONSTRUCTION ACCESS. Construction traffic access and egress for grading, public utility <br />construction, and public street construction is restricted to access the subdivision via the existing <br />driveway at the intersection of 165th Ave NW and Highway 10. No construction traffic is permitted on <br />the adjacent local streets. <br />Page 77 of 379