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percent (6%) per year until paid. City may at its option draw against the Security to reimburse <br />itself for such costs. <br />Before the City signs the Final Plat, Owner must pay or satisfy all of these costs, and any <br />other unpaid governmental fees, assessments, judgments, or real estate taxes, plus any penalty and <br />interest. <br />19. SECURITY. The amount of the Security is calculatedas shown in Exhibit D. These <br />calculations are for historical reference and are not a restriction on the use of the Security. Security <br />shall be calculated in an amount for features as set forth in Code Chapter of 153, and "Site Security' <br />as otherwise specified in this Agreement. All terms and conditions governing Securii� shall also <br />include and :overn Site Securit% <br />The Security shall be for a term ending November 30, 2023, and automatically renewing =r <br />a term no less than annually thereafter unless notice of termination is provided to the City at least <br />seventy-five (75) days prior to the end of the term or any renewal date. The notice given must comply <br />with the formal Notice provisions of this Agreement. <br />The City may make a claim against the Security, with a written notice and thirty (30) day right <br />to cure by the Owner, for any violation of the terms of this Agreement or if the Security is to be <br />allowed to lapse prior to the end of the required term or any renewal term. The notice and right to cure <br />provisions shallbe void if the Securitywill expirein less than thirty (30) days or upon discovery that <br />the Security will not automatically renew (if such discovery is on or after the date that is thirty (30) <br />days prior to expiration of the Security). <br />If the required Public Improvements are not completed at least thirty (30) days prior to the <br />expiration of the Security, the City may draw upon the Security. If the Security is drawn down, the <br />proceeds shall be used to cure the default of this Agreement or held until the Owner has completed <br />the Public Improvements. <br />DEVELOPMENT & SUBDIVISION AGREEMENT <br />CENTERVILLE AND AIVIAZON.COM <br />Draft Version 06120212022 v2 Page I I <br />