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Saddle Club 3rd Addition Development Agreement July 24, 2017 page 10 Addition final plat. The City shall not unreasonably withhold such approvals as necessary for developer to undertake said improvements. iv. The Developer shall post a security in the amount of 150% of the cost of constructing the street and associated storm water management improvements in a form provided for in Section 10 of this agreement. The city shall reserve the right, in the event of default by the Developer to commence construction within the specified time frame, to draw upon the posted security to complete the improvements in form and alignment so determined by the City. b. Trunk Fees. As specified in the Saddle Club 2nd Addition Development Agreement, dated May 6, 2016, upon completion of Fox Road and the related utilities, Developer shall be credited $90,000.00 for the sanity sewer trunk charge and $25,000.00 for the water trunk charge. If Fox Road and the associated sanitary sewer and water utilities are not completed within the timeline set forth in subparagraph 19(a)(iii), Developer forfeits the aforementioned trunk charge credits. 20. Hours of Construction Activity. All construction activity shall be limited to the hours as follows: Monday through Friday 7:00 a.m. to 7:00 p.m. Saturday 9:00 a.m. to 5:00 p.m. Sunday and Holidays No working hours allowed. 21. Insurance. Insurance. Developer or its general contractor shall take out and maintain until one year after the City accepted the Developer Improvements, Commercial General Liability, Automobile Liability and Employers Liability Insurance. Limits for Commercial General Liability shall be not less than One Million and no/100 ($1,000,000.00) Dollars per occurrence and Two Million and no/100 ($2,000,000.00) Dollars in aggregate. Limits for Automobile Liability shall be not less than One Million and no/100 ($1,000,000.00) Dollars for each occurrence. Limits for Liability Insurance shall be not less than Five Hundred Thousand and no/100 ($500,000) Dollars. The City, its employees, its agents and assigns shall be named as an additional insured on the policy, and the Developer or its general contractor shall file with the City a certificate evidencing coverage prior to the City signing the plat. The certificate shall provide that the City must be given ten days advance written notice of the cancellation of the insurance. The certificate may not contain any disclaimer for failure to give the required notice. 22. Developer’s Default. In the event of default by the Developer as to any of the work to be performed by it hereunder, the City may, at its option, perform the work and the