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ARTICLE THREE EASEMENT; RIGHT OF ENTRY 3.01 To the City. The Developer grants to the City, its agents, representatives, employees, officers, and contractors, a right of entry to access all areas of the Property to perform any and all work and inspections necessary or deemed appropriate by the City or to take any corrective actions deemed necessary by the City. The right of entry conveyed by the Developer to the City shall continue until the completion of the Improvements. The City will provide the Developer with reasonable written notice prior to exercising its rights hereunder, except in the case of an emergency. ARTICLE FOUR SECURITY, WARRANTY 4.01 Construction Security. Prior to commencement of construction of the Public Improvements, the Developer will furnish the City a list of all Public Improvements and an estimated cost of such Public Improvements, attached hereto as Exhibit B, for approval by the City Engineer. Based on those approved costs, Developer will furnish the Construction Security in the form of one of the following: (i) cash to be held in escrow, (ii) an irrevocable Letter of Credit, or (iii) a bond approved by the City Attorney, the total amount of which must be equal to 150% of the estimated project costs for the Public Improvements. a) Renewal. In the event Developer posts a Bond or provides a Letter of Credit for the Security, the Bond or Letter of Credit must continue in full force and effect until the City has approved and accepted the Public Improvements. A Letter of Credit must automatically renew at the first of the year until the City releases the developer from responsibility. b) Failure to Complete. Upon failure of the Developer to timely perform work on the Public Improvements or to complete work on the Public Improvements by the Completion Date, the City may declare the Developer to be in default as to the Public Improvements and draw an amount from the Construction Security necessary to complete the unfinished work and any City costs associated. Associated costs may include but are not limited to, any attorneys’ fees, engineering fees or other technical or professional assistance, including the work of the City staff and employees. The Developer shall be liable to the City to the extent that the Construction Security is inadequate to reimburse the City its costs and pay for the completion of the work. c) Reduction of Construction Security. Upon the Developer’s written request, the City Engineer may reduce the amount of the Construction Security for completed Public Improvements provided the following conditions are met: 1. The Developer’s Engineer of record certifies that the Public Improvements have been constructed to City Standards and in accordance with the Plans. 8 22485\\13\\2777004.v3