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<br />5 <br />188068v5 <br />3. The Developer shall maintain a financial surety in the amount of $200,000 for <br />site improvements, including grading, utilities, and paving, prior to the issuance of any <br />Development permits (the “Site Improvements LOC”). Upon completion of required <br />Developer improvements, and acceptance by the City, the City may reduce the amount of <br />the Site Improvements LOC for the improvements still to be completed. The Site <br />Improvements LOC shall be a letter of credit in the form attached hereto as Exhibit B. <br />The purpose of the Site Improvements LOC is to ensure that private site improvements <br />are stabilized in the event that Developer defaults on the Master PUD Agreement, Phase I <br />Development Contract or Phase 2 Development Contract. The City shall return the Site <br />Improvements LOC to the Developer within thirty (30) days after receipt of the <br />Developer’s written notice stating that it has completed the Development site <br />improvements required by the Project Plans, and City inspection and verification of <br />satisfactory completion. <br />4. Developer shall maintain a cash escrow for site improvements, including grading, <br />utilities, and paving, in the amount of $20,000 (the “Site Improvements Cash Escrow”) <br />prior to the issuance of any Development permits. The Site Improvements Cash Escrow <br />will be used for City costs related to review, approval, and inspection of site <br />improvements or any costs incurred by the City in the event of a default by the Developer <br />under this Agreement in connection with the site improvements, which default the <br />Developer fails to cure within a reasonable period of time after receipt of the City’s <br />written notice regarding the default. If at any time during the course of construction on <br />the Development the amount in the Site Improvements Cash Escrow is reduced to below <br />$5,000, Developer shall replenish the Site Improvements Cash Escrow to not less than <br />$20,000 within thirty (30) days after receipt of the City’s written request therefor. In the <br />event there is a failure to replenish the Site Improvements Cash Escrow in accordance