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216506v1 credit is to ensure that site improvements are completed in the event that the Developer defaults on this Agreement. This letter of credit shall be cancelled, terminated and released upon certification by the City that Site Improvements are satisfactorily completed pursuant to this Agreement. (2) The Developer shall submit a financial surety in the amount of 125% of the estimated costs of landscaping prior to the issuance of any development permits. The Developer must submit a detailed cost estimate for the landscaping. The financial surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota bank and in substantially the same form as shown on Exhibit A or as reasonably acceptable to the City. The purpose of the letter of credit is to ensure that landscaping is completed in the event that the Developer defaults on this Agreement. The City will hold the letter of credit for two (2) full years after the installation of landscaping. The letter of credit should not expire during the two-year period. This letter of credit shall automatically be cancelled, terminated and released on the date that is two (2) full years after the installation of the landscaping. E. Escrow. The Developer shall submit a cash escrow in the amount of 25% of the estimated costs of site improvements, including grading, utilities, and paving, prior to the issuance of any development permits. The escrow will be used for City costs related to review, approval, and inspection of site improvements or any costs incurred by the City in the event of a default by Developer. F. Binding Effect. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or any part of the Subject Property. This Agreement, at the option of the City, shall be placed of record so as to give notice thereto