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1. The following figures are calculated to be 100% of the estimated cost of Developer installed public improvements. Sanitary Sewer Water Main Storm Drainage Street Construction Sidewalk Grading Survey Monuments Landscaping Street Lights TOTALS X 1.50% Total Amount of Letter of Credit TOTAL $12,668.00 $17,988.00 $ 7,006.00 $17,826.00 N/A $57,000.00 $ 3,000.00 $ 4,000.00 $ 3,500.00 $122,988.00 $184,482.00 $184,500.00 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 July 24, 1997. 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 from the present or any future expiration dates with a final expiration date of July 24, 1997, 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 July 24, 1997. 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. If the 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. 10. Gradin& Plan/Site Gradin&. The site grading and drainage plan for the entire plat is attached to this contract. The developer 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 shall comply with the grading plan as submitted and shall be the responsibility of the Developer. 11. License. The Developer hereby grants the City, its agents, employees, officers and contractors a license to enter the plat to perform all work and inspections deemed appropriate by the City during the installation of public improvements. The license shall expire after the plat has been developed. All costs associated with inspections shall be reimbursed by the developer. 3