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days prior to the expiration of the Security,the City may also draw it down. If the Security is drawn <br /> down,the proceeds shall be used to cure the default or held until the Developer has completed the <br /> Public Improvements. Upon receipt of proof to the City that work has been satisfactorily completed <br /> and financial obligations to the City and Developer's contractors have been satisfied,with City <br /> approval the Security may be reduced from time to time by ninety percent(90%)of the financial <br /> obligations that have been satisfied. Ten percent(10%)of the Security shall be retained until all <br /> Public Improvements have been completed,all financial obligations to the City satisfied,and the <br /> required"as constructed"plans have been received by the City. The City must approve or deny a <br /> request for reduction in the Security within twenty-one(2l)days after receipt of proof satisfactory <br /> to the City as provided above. <br /> 18. CLAIMS. In the event that the City receives claims from laborers, materialmen, <br /> or others that work required by this Agreement has been performed,the sums due them have not <br /> been paid, and the laborers, materialmen, or others are seeking payment from the City, such <br /> claims will be forwarded to developer who shall promptly process the claims and make sure that <br /> all valid claims are paid. Developer agrees to indemnify and hold City harmless in the event that <br /> the City receives claims from(and uses reasonable diligence to authenticate said claims)labor, <br /> materialmen, or others indicating that work required by this Contract has been performed,the <br /> sums due them have not been paid, and the laborers,materialmen,or others are seeking payment <br /> from the City.the Developer hereby authorizes the City to commence an Interpleader action <br /> pursuant to Rule 22, Minnesota Rules of Civil Procedure for the District Courts,to draw upon <br /> the Security and Additional Security in an amount up to 125%of the claim(s)and deposit the <br /> funds in compliance with the Rule, and upon such deposit,the Developer shall release, <br /> discharge, and dismiss the City from any further proceedings as it pertains to the Security or <br /> VKG--2017-11-03 Page 10 <br /> 25 <br />