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2020. Individual security instruments may be for shorter terms provided they are replaced at least thirty (30) <br />days prior to their expiration. The City may draw down the security, upon five (5) business days prior <br />written notice to Developer, for any violation of the terms of this Agreement. Amounts drawn shall not <br />exceed the amounts necessary to cure to the default. If the security is drawn down, the proceeds shall be <br />used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and <br />financial obligations to the City have been satisfied in accordance with approved plans, the security shall be <br />reduced from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten <br />percent (10%) of the amounts certified by the Developer's engineer shall be retained as security until all <br />improvements have been completed and all financial obligations to the City satisfied. The City standard <br />specifications for utilities and street construction outline procedures for security reductions. <br />30. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash <br />requirements under this Agreement which must be furnished to the City at the time of final plat approval <br />and execution of this Agreement by the City: <br />Engineering, City Administration <br />Engineering Administration/Construction Observation $1,500.00 <br />Legal Expenses (Section 18) escrow <br />$1,000.00 <br />Lake Valentine Road Pedestrian Improvement Study $40,054.00 <br />Total Cash Requirements <br />$42,554.00 <br />The City is implementing a pass through billing process. The $42,554.00 escrow will be held and all bills <br />will be forwarded for immediate payment. If payments are not made in a timely fashion, the project will <br />stop until payments are made. If said fees are less than estimated, the City shall reimburse the Developer <br />within thirty (30) days of receipt of final invoices. <br />31. RESPONSIBILITY FOR COSTS. <br />A. Except as otherwise specified herein, the Developer shall pay all costs incurred by <br />it or the City in conjunction with the development of the plat, including but not limited to Soil and Water <br />Conservation District charges, legal, planning, engineering and inspection expenses incurred in connection <br />187184v1 11 <br />