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<br />Additional requirements (50%) <br />TOTAL PROJECT SECURITIES <br /> <br />$254,250.00 <br />5762,750.00 <br /> <br />This breakdown is for historical reference; it is not a restriction on the use of the Security. <br /> <br />Developer security shall also be used to secure timely payment of all special. assessments for Public <br /> <br />Improvements installed by City. The Security shall be for a term ending November 30,2006, and <br /> <br />automatically renewing thereafter unless notice of termination is provided to the City at least forty- <br /> <br />five (45) days prior to the end of the term or any renewal date. The notice given must comply with <br /> <br />Section 25 below. Individual security instruments may be for shorter terms provided they are <br /> <br />replaced at least thirty (30) days prior to their expiration. The City may draw down the Security, <br /> <br />with a written seven (7) day notice and seven (7) day right to cure by the Developer, for any <br /> <br />violation of the temis of this Agreement or if the Security is to be allowed to lapse prior to the end <br /> <br />of the, required term or any renewal term. The notice and right to cure provisions shall be void if the <br /> <br />.Security will expire in less than seven (7) days. If the Security is dr~wn down, the proceeds shall be <br /> <br />used to cure the default or held until the Developer has provided alternative security satisfactory to <br /> <br />the City. Upon receipt of proof to the City that work has been satisfactorily completed and financial <br /> <br />obligations tothe City and Developer's contractors have been satisfied, with City approval the <br /> <br />Security may be reduced from time to time by ninety percent (90%) of the financial obligations that <br /> <br />have been satisfied, except in no event shall the security be reduced to an amount lower than the <br /> <br />. outstandin~ special assessments on the property in_the_development. Ten percent (10%) of the <br /> <br />Security shall be retained until all Public Improvements have been completed, all financial <br /> <br />oblig~tions to the City satisfied, and the required "as constructed" plans have been received by the <br /> <br />City. The City must approve or deny a request for reduction in the Security within twenty-one (21) <br /> <br />days after receipt of proof satisfactory to the City as provided above. <br /> <br />Agreement Hunter's Crossing 3rd v5 <br /> <br />10 <br /> <br />Ja <br />