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Ei mmi 135 SECURITY CALCULATION (Confinuedj In addition to. the Security * Amount for. Developer. Improvements set forth above; °the DEVELOPER shall also deposit $5j000 in cash with the CITY (hereafter "Engineering Security f�mount") conternpoaniegusly Wilth execution of this DEVELOPMENT CONTRACT. This .Etgineering .Security Amount shall be used t - pay the CITY for engineering :inspection fees at tkte CITY's standard rates charged for such °tasks; subject. to DEVELOPER confirmation of such tasks. Subject to the following paragraph, upon. satisfactory completion of.the DEVELOPER IMPROVEMENTS, the CITY Shall return -to. the. DEVELOPER any -reinaining portion of'the Engineering Security Amount not 6tberwise-charged the.DEVELOP3�Rfor engineering inspection. performed by the CITY. Ten percent (10%) of this: Engineering.$ecurity Amount shall be retained by the CITY (hereafter referred to as escrow Rctainage) and this Escrow.Retainage shall be available to the ()ITY to pay for deficiencies and Pro€ilem$ related to-grading,..drainage; and erosion control, tree Fireservation, and landscaping on the lots in the PLAT in theevent:such-problems and deficiencies arise after the -CITY has accepted the DEVELOPER:IMPROVEMENTS.:The CITY may use the Escrow Retainage to correct any such. deficiencies or problems or to- protect against further deficiencies or problems if all the fallowing circumstances exist: a.) Deficiencies or problems have arisen with respect to grading, drainage, and erosion control; tree preservation, -or landscaping; and b,) The CITY hat -previously accepted the DEVELOPER IMPROVEMENTS; and c,) 'The Lefter.of Credit for the DEVELOPER IMPROVEMENTS has expired or the Letter of Credit -for the DEVELOPERIMPROVEMENTS has been reduced to ten percent (10%) or Iess of its original amount. The CITY -shall return to the DEVELOPER any remaining Escrow.'R.etainage when al l the following events have occurred: a.) all of the lawn or vegetative ooverhis-been established, to the sole satisfaction of the CITY; on each of the individual lots fin t 6PL,AT. To the extent the engineering inspection charges or the .amQurit-needed to correct fhe deficiencies and problems relating to grading, drainage, erosion control, tree preservation, or landscaping exceed. the initially deposited $5,000 Engineering Security. Amount, the DEVELOPER is responsible for payment of such excess within thirty (30) flays after billing by the. CITY. 26.