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the site and not allow commuter parking. Northwestern College shall <br />be responsible for monitoring parking on the site. <br />B. Improvement Security. The Developer shall deposit a financial surety with the <br />City Administrator in the amount equal to 125% of the City Engineer's estimate of <br />the cost of constructing the Developers secured improvements. The financial <br />surety may be in the form of a cash escrow, a performance bond, or a letter of <br />credit. The form of a financial surety shall be approved by the City Attorney. <br />C. Reduction of Security. Upon completion of the Developers secured improvements <br />and acceptance by the City, the City Council shall reduce the amount of security <br />for the completed improvements provided that in no case shall the total remaining <br />security be equal to less than 125% of the estimated costs of the incomplete <br />improvements; and, further provide, that the financial surety for the landscaping <br />improvements shall be in effect for 2 years from the date on which all landscaping <br />improvements is completed. <br />D. Binding Effect. The terms and provisions of this agreement shall be binding upon <br />and inure to the benefit of the heirs, representatives, successors and assigns of the <br />parties hereto and shall be binding upon all future owners of all or any part of the <br />Property. This Agreement, at the option of the City, shall be placed of record so <br />as to give notice thereto to any subsequent purchasers and encumbrances of all or <br />any part of the Property and all recording fees, if any, shall be paid by the <br />Developer. <br />E. Default. The occurrence of any of the following shall be considered an "event of <br />default" in the terms and conditions contained in this Agreement: <br />1. Failure of the Developer to comply with any of the terms and conditions <br />contained in this Agreement. <br />2. The failure of the Developer to comply with any applicable ordinance or <br />statute with respect to the development of the Property. <br />F. Remedies. Upon the occurrence of any event of default, the City, in addition to <br />any other remedy which may be available to it, shall be permitted to do any of the <br />following: <br />1. City may make advances or take other steps to cure the default, and, where <br />necessary, enter the Property for that purpose. The Developer shall pay all <br />sums so advanced or expenses incurred by the City, upon demand, with <br />interest from the dates of such advances or expenses at the rate of 10% per <br />annum. No action taken by the City pursuant to this section shall be <br />deemed to relieve the Developer from curing any such default to the extent <br />that it is not cured by the City or from any other default hereunder. The <br />City shall not be obligated, by virtue of the existence or exercise of this <br />4 <br />