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2021-07-12 Final Version 15 OTHER COSTS SUB-TOTAL $ 52,500.00 TOTAL SECURITIES: $ 206,458.00 GRAND TOTAL SECURITIES (125%) $ 258.072.00 This breakdown is for historical reference; it is not a restriction on the use of the Security. The letter of credit issued as the Security shall be subject to the approval of the City Administrator. The security shall be issued for a term ending November 30, 2022. Individual security instruments may be for shorter terms provided they are replaced at least 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 the performance of which is expressly guaranteed by the Security. 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. Tenant shall, from time to time, provide the City with evidence (which evidence may take the form of an architect’s or engineer’s certification accompanied by partial lien waivers for the work in question, or such other evidence as is reasonably acceptable to the City) that certain portions of the work secured by the Security have been completed and paid for as required by this Agreement, and upon receipt of such proof, the Security shall be reduced by an amount equal to ninety percent (90%) of the cost of such work. Ten percent (10%) of the amounts certified by the Developer's engineer or architect shall be retained as security until all improvements have been completed and all financial obligations to the City under this Agreement have been satisfied, at which time all remaining Security shall be released. 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: