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G. Security. Arden Plaza shall submit a financial surety in the amount of 125% of the estimated costs of site improvements including grading, utilities, paving, and fence installation prior to the issuance of any development permits related to the construction of the seasonal garden center area. The financial surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota bank, and be in the form acceptable to the City. The purpose of the letter of credit is to ensure that site improvements are completed in the event of a default by Arden Plaza. H. Escrow. Arden Plaza shall submit a cash escrow in the amount of 25% of the estimated costs of site improvements including grading, utilities, paving, and fence installation prior to the issuance of any development permits related to the construction of the seasonal garden center area. The escrow will be used for City costs related to review, approval, and inspection of site improvements or any costs incurred by the City in the event of a default by Arden Plaza. I. Binding Effect. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or any part of the Property. This Agreement, at the option of the City, shall be placed of record so as to give notice thereto to any subsequent purchasers and encumbrances of all or any part of the Property and all recording fees, if any, shall be paid by the Arden Plaza. J. Default. The occurrence of any of the following shall be considered an “Event of Default” in the terms and conditions contained in this Agreement: 1. Failure of Arden Plaza to comply with any of the terms and conditions contained in this Agreement. 2. The failure of Arden Plaza to comply with any applicable ordinance or statute with respect to the development of the Property. 181284v2 8