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12. The west building elevation of the Phase 2 building shall be adjusted to <br /> have a similar roofline articulation to the east building elevation at the <br /> southern, middle, and northern sections of the building. <br /> 13. Except as otherwise modified herein, the development of Phase 2 and <br /> subsequent Phases shall comply with all applicable City Regulations. <br /> B. Phase 2 — Final Plan. <br /> I. The Developer shall submit a financial surety in the amount of 125 percent <br /> of the estimated costs of site improvements including grading, utilities, <br /> and paving, prior to the issuance of any development permits. The <br /> financial surety shall be in the form of a letter of credit issued by a FDIC- <br /> insured bank, and be in a form acceptable to the City. The purpose of the <br /> letter of credit is to ensure that site improvements are completed in the <br /> event that the developer defaults on the development agreement <br /> 2. The Developer shall submit a cash escrow for site improvements, <br /> including grading,utilities, and paving, in the amount of$20,000 or 25 <br /> percent of the total estimated costs of the site improvements, whichever <br /> amount is less prior to the issuance of any development permits. The <br /> escrow will be used for City costs related to review, approval, and <br /> inspection of site improvements or any costs incurred by the City in the <br /> event of a developer default. <br /> 3. The Developer shall submit a financial surety in the amount of 125 percent <br /> of the estimated costs of landscaping prior to the issuance of a building <br /> permit. The financial surety shall be in the form of a letter of credit issued <br /> by a FDIC-insured bank. The purpose of the letter of credit is to ensure <br /> that landscaping is completed in the event that the developer defaults on <br /> the development agreement. The City will hold the letter of credit for two <br /> years after the installation of landscaping. The letter of credit should not <br /> expire during the two-year period. <br /> 4. The Developer shall submit a cash escrow for landscaping improvements <br /> in the amount of$15,000 or 25 percent of the estimated costs of <br /> landscaping,whichever amount is less,prior to the issuance of a building <br /> permit. The escrow will be held by the City for two years after installation <br /> of landscaping and used for City costs related to review, approval, and <br /> inspection of landscaping, or developer default. <br /> 5. RELATIONSHIP OF PARTIES. No partnership or joint ventures established <br /> between the parties hereto by or under this Agreement or any agreement referenced herein. <br /> 1921o1v7 <br />