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satisfactory to the City in the sum of $138,570. Said figure represents 150% of the estimated cost of the Street and Utility Improvements. The said surety shall be a guaranty to the City that said improvements will be timely completed to the City's satisfaction. The said cash, letter of credit or other surety shall be maintained continuously by the Developer until said improvements are completed to the City's satisfaction. The said cash, letter of credit or other surety for said improvements shall be released upon certification of the City Engineer that such items are satisfactorily completed pursuant to this Agreement. Periodically, as payments are made by Developer for the completion of said improvements, and when it is reasonable prudent, Developer may request of the City that the surety be reduced for the portion there of which has been fully completed and paid. In the event that any cash, letter of credit or other surety referred to herein is ever utilized and found to be deficient in amount to pay or reimburse the City in total, the Developer agrees that upon being billed by the City, the Developer will pay within ten (10) days of the mailing of said billing, the said deficient amount. If there should be an overage in the amount of utilized security, the City will, upon making said determination, refund to the Developer any monies which the City has in its possession which are in excess of the actual cost paid by the City. 3. Construction Administration Escrow. Prior to the preparation of final plans and specifications for the construction of said improvements, the Developer shall provide to the City a cash escrow in an amount indicated in writing to provide for financing the cost of preparing said final plans and specifications by the City Engineer. Furthermore, the Developer shall also provide a cash escrow to the City in an amount indicated in writing to provide for financing the cost of inspection, staking, and construction administration by the City Engineer. D. RECORDING AND RELEASE. The Developer agrees that the terms of this Development Contract shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Contract with the Anoka County Recorder/Registrar to give notice to future purchasers and owners. E. REIMBURSEMENT OF COSTS. The Developer agrees to fully reimburse the City for all costs incurred by the City including, but not limited to, the actual costs of construction of said improvements, engineering fees, legal fees, inspection fees, interest costs, costs of acquisition of necessary easements, if any, and any other costs incurred by the City relating to this Development Contract and the installation and financing of the aforementioned improvements. F. OCCUPATION OF PREMISES. The Developer further agrees that it will not cause to be occupied any premises upon the plat or any property within the plat until the completion of the gas, electric, telephone, water, and sewer improvements required by this Development Contract have been installed, unless the City has agreed in writing to waive this requirement as to a specific premises. Furthermore, Developer shall be granted no certificates of occupancy for buildings within the plat prior to substantial completion of all Private and Street and Utility Improvements described in this Contract, including the base course layer of pavement. Building Permits shall be issued only within the constraints as set forth previously herein. G. OWNERSHIP OF IMPROVEMENTS. Upon completion of the work and construction required by this Contract and acceptance by the City, the improvements lying within the public easements shall become City property without further notice or action. K INDEMNIFICATION AND HOLD HARMLESS. The Developer shall hold the City and its officers and employees harmless from claims made by itself and third parties for damages sustained or costs incurred resulting from subdivision plat approval and development. The