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187184v1 12 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 fifteen (15) 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. 31. SUMMARY OF CASH REQUIREMENTS. The following is a summary of the cash requirements under this Agreement which must be furnished to the City prior to the issuance of a building permit: Engineering, City Administration Legal Expenses (Section 18) escrow $1,500.00 Engineering Site Observation $7,500.00 Sewer Connection Fee $4,468.80 Sewer Availability Fee $55,275.00 MCES Sewer Fee $166,495.00 Water Connection Fee $4,468.80 Water Availability Fee $92,125.00 Street Protection and Repair Escrow $15,000.00 Landscaping Escrow $20,000.00 Total Cash Requirements $$366,832.60 The City is implementing a pass through billing process. The $366,832.60 escrow will be held and all bills will be forwarded for immediate payment. If payments are not made in a timely fashion, the project