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estimated cost to construct the Public Improvements. The City shall have the right to draw on the <br />1 <br />Letter of Credit in the event that the Developer fails to perform any of its obligations under this <br />2 <br />Agreement. <br />3 <br />Reduction of Security. <br />1.Periodically upon the Developer’s written request, the City <br />4 <br />Engineermay reduce the amount of the Financial Security for completed Public <br />5 <br />Improvements provided the following conditions are met: <br />6 <br />a)The Developer’s engineer certifies that the Public improvements have been <br />7 <br />constructed to City Standards and in accordance with thePlans. <br />8 <br />b)The Developer provides documentation that its contractors and all their <br />9 <br />subcontractors and suppliers have been paid in full for the work completed and materials <br />10 <br />supplied. <br />11 <br />c)The City Engineer determines that such Public Improvements have been fully <br />12 <br />completed in accordance with the Plans, specifications and provisions of this Agreement. <br />13 <br />The amount of reduction shall be equal to that portion of the Financial Security which covers <br />14 <br />such completed Public Improvements; provided however, in no case shall the remaining <br />15 <br />amount of the Financial Security be less than the greater of: (i) 25% of the original amount of <br />16 <br />the Financial Security, or (ii) 125% of the estimated cost to complete the Public <br />17 <br />Improvements which have not been completed as determined by the CityEngineer. <br />18 <br />19 <br />Release of Security <br />2.. This Agreement shall run with the Propertyand may be recorded <br />20 <br />against the title to the Property. After the work described in this Agreement has been <br />21 <br />completed, the Developer may request that the City accept the Public Improvements. <br />22 <br />This is accomplished through a City Council resolution provided the following conditions <br />23 <br />are met: <br />24 <br />As-built Survey <br />a). The Developer shall provide an as-built survey of the sanitary <br />25 <br />sewer and public sidewalk upon completion of the Public Improvements described in <br />26 <br />Paragraph C in reproducible and digital (AutoCAD) format. The locations and elevations <br />27 <br />of sewer and water services shall be accurately shown on the survey. <br />28 <br />Certification. <br />b)The Developer’s engineer submits a letter certifying that the Public <br />29 <br />Improvements have been constructed to City Standards in accordance with the Plans and <br />30 <br />requests that the City accept the Public Improvements. <br />31 <br />Payment. <br />c)The Developer provides documentation that its contractors and their <br />32 <br />subcontractors and suppliers havebeen paid in full for the work completed and the <br />33 <br />materials supplied. <br />34 <br />Determination of Completion. <br />d)The City Engineer and the City Council have <br />35 <br />determined that all Public Improvements have been completed in accordance with the <br />36 <br />Plans, specifications and terms of this Agreement. <br />37 <br />The date of City acceptance of the Public Improvements shall be the date of the City Council <br />38 <br />resolution accepting the Public Improvements. Upon Developer’s request, the City shall issue <br />39 <br />a Release, in recordable form, that serves to memorialize the completion of all the obligation <br />40 <br />of the Developer hereunder. <br />41 <br />Page 5of15 <br /> <br />