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Upon the City's receipt of proofto the City that Public Improvements and Owner's obligations <br />under this Agreement have been satisfactorily completed, financial obligations to the City and <br />Owner's contractors have been satisfied, andthe required "as built" plans have been receivedby the <br />City, the Security for the Public Improvements may be reduced from time to time pursuant to City <br />policy regarding Security reductions. <br />Given the limited nature of the amount of Security based on the Public Improvements, <br />Developer shall tender additional Security ("Site Security') to the City in the amount of $500,000. <br />Site Security may be used for the same purposes as Security. Developer shall tender no less than <br />$50,000 of the Site Security to the City in asn or i the form of a letter of credit. Developer may <br />tender the remainder of the Site Security in the form of a performance bond. Site Security may be <br />reduced after the later of the completion of construction of the Projector issuance of a temporary or <br />final certificate of occupancy for the Proj ect, and then only after all remaining conditions have been <br />completed to the satisfaction of the City Building Official. <br />The terms and conditions set forth in the Section are separate and distinct from security <br />obligations to warranty improvements set forth elsewhere in this agreement. <br />20. CLAIMS & ACTIONS. In the event that the City receives notice of an audit or <br />review from a governmental agency related to this Land or Final Plat, or the City receives notice <br />of litigation regarding this Land or Final Plat, such claims will be forwarded to the Owner who <br />shall promptly indemnify and hold the City harmless and make it whole. <br />The Owner hereby authorizes the City to commence an Interpleader action pursuant to Rule <br />22, Minnesota Rules of Civil Procedure for the District Courts, and deposit the funds in compliance <br />with the Rule, and upon such deposit, the Owner shall release, discharge, and dismiss the City <br />DEVELOPMENT & S"DWISION AGREEMENT <br />CENTERVILLE AND AMAZON.COM <br />Draft Version 06/202/2022 v2 Page 12 <br />