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engineer furnished to the CITY and approved by the City Engineer. The DEVELOPER shall obtain all necessary permits from the Minnesota Pollution Control Agency (MPCA), Minnesota Department of Health (MDOH), and other agencies before proceeding with construction. The DEVELOPER shall provide field inspection to ensure an acceptable level of quality control to the extent that the DEVELOPER'S engineer will be able to certify that the construction work meets the approved CITY standards as a condition of CITY acceptance. The DEVELOPER or engineer shall schedule a preconstruction meeting at a mutually agreeable time at the City Hall with all the parties concerned, including city staff, to review the program for the construction work. Within thirty (30) days after the completion of the improvements and before the security is released, the DEVELOPER shall supply the CITY with a complete set of reproducible "Record Plan" drawings. 8. Securi . To guarantee compliance with the terms of this Agreement, payment of the costs of all improvements described herein and construction of all described improvements, the DEVELOPER shall furnish a letter of credit for 125% of the estimated project cost $232,559.50 for a total of $290,699.38 in a form to be approved by the CITY. The amount of the letter of credit shall cover the following installations: Sanitary Sewer & services Water main & services Pathways and Sidewalks Site Grading Sanitary Sewer lift station Street reconstruction Survey monuments, erosion control, landscape and restoration During the course of Plat development, the DEVELOPER may request a partial release of the Letter of Credit. These requests must be made in writing. The amount of the Letter of Credit to be released shall be agreed upon between the CITY and DEVELOPER. 9. Time of Performance. Subject to force majeure and conditions beyond the reasonable control of the DEVELOPER, the DEVELOPER shall install all required improvements enumerated herein which will serve the Plat by September 30, 2005. Subject to force majeure and conditions beyond the reasonable control of the DEVELOPER, wear course of asphalt and all landscape and restoration shall be installed by September 30, 2005. The DEVELOPER may, however, forward a request for 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. Grading Plan/Site Grading. 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 Engineer. DEVELOPER shall furnish the City Engineer satisfactory proof of payment for the site grading work and shall submit a certificate of survey (as- constructed 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 responsibilityof the DEVELOPER. Page 4 of 11