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Sanitary Sewer Services Water Main Storm Sewer Street Construction Street Lights Concrete Sidewalk SUBTOTAL Construction Engineering, plus 4% SUBTOTAL Survey Monuments Landscaping TOTAL The bank and form of the letter of credit shall be subject to. the approval of the City Manager. The letter of credit shall be for a term ending . In the alternative, the letter of credit may be for a one (1) year term provided it is automatically renewable for successive one year periods ITom the present or any future expiration dates with a final expiration date of , unless sixty (60) days prior to an expiration date the bank notifies the City that it elects not to renew for an additional period. The letter of credit shall secure compliance with the terms of this Contract and all financial obligations of the Developer under it. The City may draw down on the letter of credit without notice upon receiving notice that the letter of credit will be allowed to lapse before . In the event of a default under this Development Contract by the Developer, the City shall furnish the Developer with written notice by certified mail of Developers default (s) under the terms of this Development Contract. Ifthe Developer does not remove said default(s) within two (2) weeks of receiving notice, the City may draw on the letter of credit. With City approval the letter of credit may be reduced once per year as financial obligations are paid and public improvements are completed to City's requirements. 9. Time of Performance. The Developer shall install all required improvements enumerated in Paragraph 7 which will serve the plat by . The Developer may, however, request an extension of time to the City. If an extension is granted, it shall be conditioned upon updating the security posted by the Developer to reflect cost increases and the extended completion date. 10. Gradin!! Plan/Site Gradim!. The Developer shall submit to the City a site grading and drainage plan for the entire plat acceptable to the City showing the grades and drainage for each lot prior to installation of the improvements. Site grading shall be completed by the Developer at its cost and approved by the City Public Works Director. Developer shall furnish the City Public Works Director satisfactory proof of payment for the site grading work and shall submit.a certificate of survey of the development to the City after site grading, with street and lot grades. All improvements to the lots and the final grading 3