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21 <br />TW185\1\1011577.v13 <br />Grand total Cash/LOC Security (125%) $827,500 <br />B. CONSTRUCTION COSTS – CASH, LOC, OR BOND PERMITTED: <br />Water System (North and East runs of $200,000 <br />Water loop and trenching connection to <br />Mounds View) <br /> <br />Driveway $ 12,000 <br />Landscaping $456,000 <br />Surveying and Staking (public and private) $ 25,000 <br />Total Costs $693,000 <br />125% of Costs $866,250 <br />Setting of Monuments $ 2,500 <br />Grand total Cash/LOC/Bond Security $868,750 <br /> <br />This breakdown is for historical reference; it is not a restriction on the use of the Security. The <br />letter of credit issued as the Security shall be subject to the approval of the JDA. The Security shall <br />be issued for a term extending through the warranty period. The Letter of Credit may be for shorter <br />term provided they are replaced at least thirty (30) days prior to their expiration. Following an <br />event of default (as defined below), the JDA may draw down the Security, upon five (5) business <br />days prior written notice to Developer, for any violation of the terms of this Agreement the <br />performance of which is expressly guaranteed by the Security. Amounts drawn shall not exceed <br />the amounts necessary to cure the event of default. If the Security is drawn down, the proceeds <br />shall be used to cure the event of default. Developer shall, from time to time, provide the JDA with <br />evidence (which evidence may take the form of an architect's or engineer's certification <br />accompanied by partial lien waivers for the work in question, or such other evidence as is <br />reasonably acceptable to the JDA) that certain portions of the Project secured by the Security have