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Attachment A 1 The amount of reduction shall be equal to that portion of the Financial Security that covers such 2 completed Public Improvements; provided however, in no case shall the remaining amount of the 3 Financial Security be less than the greater of: (i) 25% of the original amount of the Financial 4 Security, or (ii) 125% of the estimated cost to complete the Public Improvements which have not 5 been completed as determined by the City Engineer. 6 2. Release of Security. This Agreement shall run with the land and may be recorded against the 7 title to the Property. After the work described in this Agreement has been completed, the 8 Developer may request that the City accept the Public Improvements. This is accomplished 9 through a City Council resolution provided the following conditions are met: 10 a)As-built Survey. The Developer shall provide an as-built survey upon completion of 11 the Public Improvements described in Paragraph C in reproducible and digital (AutoCAD) 12 format. The locations and elevations of sewer and water services shall be accurately shown 13 on the survey. 14 b) Certification. The Developer’s engineer submits a letter certifying that the Public 15 Improvements have been constructed to City Standards in accordance with the Plans and 16 requests that the City accept the Public Improvements. 17 c)Payment. The Developer provides documentation that its contractors and their 18 subcontractors and suppliers have been paid in full for the work completed and the 19 materials supplied. 20 d) Determination of Completion.The City Engineer and the City Council have 21 determined that all Public Improvements have been completed in accordance with the 22 Plans, specifications and terms of this Agreement. 23 The date of City acceptance of the Public Improvements shall be the date of the City Council 24 resolution accepting the Public Improvements. 25 In the event that a Letter of Credit is given as the Financial Security, the term of any Letter of 26 Credit provided by the Developer must be at least one year. Notwithstanding anything to the 27 contrary contained herein, in the event that: i) some or all of the Public Improvements have not 28 been completed and accepted by the City before the expiration date of the Letter of Credit, ii) the 29 City has been notified that the Letter of Credit is not being extended for another term of at least 30 one year, and iii) no replacement Letter of Credit satisfactory to the City has been delivered to the 31 City, the City shall have the right to draw on the full amount of the Letter of Credit at any time 32 prior to the expiration of the Letter of Credit. In the event of such draw on the Letter of Credit, 33 the City shall have the right to use the amount drawn to complete any unfinished Public 34 Improvements, perform any unperformed obligations of the Developer, pay the costs to draw on 35 the Letter of Credit and/or pay any costs to enforce this Agreement. The Letter of Credit shall 36 allow Partial Draws and shall provide that a draw can be made on the Letter of Credit at a location 37 which is in or within 30 miles of the City of Roseville. 38 Ownership of Improvements and Risk of Loss.Upon completion and City acceptance of the Public 39 Improvements, all Public Improvements shall become City property without further notice or action. 40 The Developer shall be responsible for the risk of loss of all Public Improvements constructed by the 41 Developer until ownership thereof passes to the City. Any damage or destruction, in whole or in part, 42 to any Public Improvement constructed by the Developer shall be repaired and/or replaced by the 43 Developer until ownership of such Public Improvement passes to the City. Page 5 of 15