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12 212751v1 thirty (30) days prior to their expiration. The City may draw down the security, upon five (5) business days prior written notice to Developer, for any violation of the terms of this Agreement. Amounts drawn shall not exceed the amounts necessary to cure to the default. If the security is drawn down, the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied in accordance with approved plans, the security shall be reduced from time to time by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the amounts certified by the Developer's engineer shall be retained as security until all improvements have been completed and all financial obligations to the City satisfied. The City standard specifications for utilities and street construction outline procedures for security reductions. 30. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Agreement which must be furnished to the City at the time of final plat approval and execution of this Agreement by the City: Engineering, City Administration Engineering Expenses (Section 19) escrow $4,500.00 Sanitary Sewer Trunk Charge $137,589.60 Water Trunk Charge $68,258.70 Storm Sewer Charge $ Direct Charges Park Dedication and Improvements $230,910.00 Landscaping Security $50,000.00 Total Cash Requirements $491,258.30 The City is implementing a pass through billing process. The $491,258.30 escrow will be held and all bills will be forwarded for immediate payment. If payments are not made in a timely fashion, the project will stop until payments are made. If said fees are less than estimated, the City shall reimburse the Developer within thirty (30) days of receipt of final invoices.