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<br />6 <br />188068v5 <br />with the terms of this Agreement, the City has the right to withhold the issuance of a <br />Certificate of Occupancy until the deficiency is paid. With thirty (30) days after <br />completion, inspection and verification of the Development, payment of all outstanding <br />bills and satisfaction of this Agreement, the City shall refund the remainder of the Site <br />Improvements Cash Escrow to Developer. <br />5. Prior to the City’s issuance of any Development permits, the Developer shall <br />submit to the City a financial surety in the amount of one hundred twenty-five percent <br />(125%) of the Developer’s reasonably estimated costs for the landscaping improvements <br />required by the Project Plans (the “Landscaping LOC”). The Landscaping LOC, <br />previously posted in conjunction with Phase I, shall be a letter of credit in the form <br />attached hereto as Exhibit B. The Landscaping LOC shall automatically renew for <br />successive one-year terms unless, at least sixty (60) days prior to the next annual renewal <br />date, the issuing bank delivers notice to the City that it intends to modify the terms of, or <br />cancel, the Landscaping LOC. A partial reduction in the Landscaping LOC may be <br />granted by the City in the event that landscaping improvements required by the Project <br />Plans are installed over successive growing seasons. The purpose of the Landscaping <br />LOC is to ensure that landscaping required by the Project Plans is completed in the event <br />that the Developer defaults on the Development Agreement. The City shall return the <br />Landscaping LOC to the Developer within thirty (30) days after receipt of the <br />Developer’s written notice stating that it has completed the Development landscaping <br />improvements required by the Project Plans, and following City inspection and <br />verification of satisfactory completion. <br />6. The Developer shall submit to the City a cash escrow for the landscaping <br />improvements required by the Project Plans in the amount of $15,000 prior to the City’s <br />issuance of any Development permits (the “Landscaping Escrow”). The Landscaping