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Before the City releases the Final Plat for recording, the Developer must pay or satisfy all <br />of these escrow requirements or costs, and any other unpaid governmental fees, assessments, <br />judgments or real estate taxes, plus any penalty and interest. <br /> 13. SECURITY. The amount of the Security for the Second Addition is calculated as <br />shown in Exhibit D. These calculations are for historical reference and are not a restriction on the <br />use of the Security. Security shall be calculated in an amount for features as set forth in Code <br />Chapter of 153. <br /> <br />The Security for the Second Addition shall be for a term ending November 30, 2023, and <br />automatically renewing thereafter unless notice of termination is provided to the City at least forty- <br />five (45) days prior to the end of the term or any renewal date. The notice given must comply with <br />the formal Notice provisions of this agreement. Individual security instruments may be for shorter <br />terms provided they are replaced at least thirty (30) days prior to their expiration. The City may <br />draw down the Security, with a written seven (7) day notice and seven (7) day right to cure by the <br />Developer, for any violation of the terms of the Agreement or this Supplement, or if the Security is <br />to be allowed to lapse prior to the end of the required term or any renewal term. The notice and <br />right to cure provisions shall be void if the Security will expire in less than seven (7) days or upon <br />discovery that the Security will not automatically renew (if such discovery is on or after the date that <br />is seven (7) days prior to expiration of the Security). If the required Improvements are not <br />completed at least thirty (30) days prior to the expiration of the Security, the City may also draw it <br />down. If the Security is drawn down, the proceeds shall be used to cure the default or held until the <br />Developer has completed the Improvements. The Security instrument shall be in a form <br />substantially similarly to those terms set forth in Exhibit B. <br />The Security may be reduced from time to time pursuant to City policy regarding Security <br />reductions. Upon receipt of proof to the City that work has been satisfactorily completed, financial <br />Version 3/30/3030 - 1 Page 8 <br /> <br />