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<br /> <br />13 <br /> H. Prior to the issuance of a Grading and Erosion Control Permit, the <br />Developer shall submit an operation and maintenance plan for the long-term care of all on-site <br />and off-site stormwater, sanitary sewer, and water main to the City for review and approval. <br /> 25. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance <br />with the terms of this Agreement, payment of the costs of all improvements, and construction of <br />all public and private improvements, the Developer shall, within sixty (60) days after execution of <br />this Agreement by City and Developer, furnish the City with a letter of credit issued by _______ <br />Bank, in the form attached hereto, from a bank (“Security”) for $89,375.00. The amount of the <br />Security includes all of the security requirements set forth in the preceding sections of this <br />Agreement, and was calculated as follows: <br /> CONSTRUCTION COSTS: <br /> Pedestrian Connection $ 68,000.00 <br /> CONSTRUCTION SUB-TOTAL $ 68,000.00 <br /> OTHER COSTS: <br /> Lot Corners/Iron Monuments $ 2,500.00 <br /> OTHER COSTS SUB-TOTAL $ 2,500.00 <br /> TOTAL SECURITIES: $ 71,500.00 <br /> <br /> GRAND TOTAL SECURITIES (125%) $ 89,375.00 <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This breakdown is for historical reference; it is not a restriction on the use of the Security.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 City Administrator. <br />The security shall be issued for a term ending December 31, 2026. Individual security instruments <br />may be for shorter terms provided they are replaced at least thirty (30) days prior to their expiration.