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6 188032v2 $20,000 within thirty (30) days after receipt of the City’s written request therefor. In the event there is a failure to replenish the Site Improvements Cash Escrow in accordance with the terms of this Agreement, the City has the right to withhold the issuance of a Certificate of Occupancy until the deficiency is paid. With thirty (30) days after completion, inspection and verification of the Development, payment of all outstanding bills and satisfaction of this Agreement, the City shall refund the remainder of the Site Improvements Cash Escrow to Developer. 5. Prior to the City’s issuance of any Development permits, the Developer shall submit to the City a financial surety in the amount of one hundred twenty-five percent (125%) of the Developer’s reasonably estimated costs the landscaping improvements required by the Project Plans (the “Landscaping LOC”). The Landscaping LOC shall be a letter of credit in the form attached hereto as Exhibit B and issued by a FDIC-insured Minnesota bank. The Landscaping LOC shall automatically renew for successive one- year terms unless, at least sixty (60) days prior to the next annual renewal date, the issuing bank delivers notice to the City that it intends to modify the terms of, or cancel, the Landscaping LOC. A partial reduction in the Landscaping LOC may be granted by the City in the event that landscaping improvements required by the Project Plans are installed over successive growing seasons. The purpose of the Landscaping LOC is to ensure that landscaping required by the Project Plans is completed in the event that the Developer defaults on the Development Agreement. The City shall return the Landscaping LOC to the Developer within thirty (30) days after receipt of the Developer’s written notice stating that it has completed the Development landscaping improvements required by the Project Plans, and following City inspection and verification of satisfactory completion.