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10. The Developer shall record the Development Contract with Ramsey County <br />subsequent to the recording of the Plat and shall forward confirmation of the recording of the <br />document to the City. In the event that technical or clerical revisions are needed in the document <br />or if for any reason the County Recorder deems the Development Contract unrecordable, the <br />Developer shall cooperate with the City in the execution or amendment of any revised <br />Development Contract. <br />Finance <br />11. As financial security, Developer shall furnish the City with a Letter of Credit or <br />other security in a City approved format in an amount equal to Three Hundred Seventy Eight <br />Thousand, Two Hundred Fifty Dollars and 00/xx ($378,250) which represents One Hundred <br />Twenty -Five Percent (125%) of the improvement contract amount of, an executed copy of which <br />is attached as Exhibit B. The Developer's financial security shall be used to guarantee <br />Developer's completion of all of the Required Improvements, compliance with this Agreement, <br />and compliance with the terms and conditions of approval of the Whispering Pines Plat. Said <br />surety shall be immediately available for City's use to complete part or all of the construction in <br />a timely and satisfactory manner, as determined in the sole discretion of City. Said surety shall <br />remain in full force and effect until completion and acceptance of the Required Improvements <br />based on the sole determination of City. After the first lift of asphalt is applied to the streets and <br />approved by the City Engineer, the financial security may be reduced to an amount equal to the <br />cost of the final lift of asphalt and any remaining utility and/or restoration work to be done <br />multiplied by 150%. <br />12. The Developer agrees that the terms of the financial security shall be deemed to <br />have been violated if the Developer fails to perform any of the terms of this Contract in the <br />manner required by the City. City shall provide Developer ten (10) days written notice of any <br />violation of the terms of the Contract. Determination of a violation of the terms of the Contract <br />shall be in the sole discretion of the City, which shall not be unreasonable. The financial security <br />_4_ <br />