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V. REIMBURSEMENT OF COSTS. <br />A. The Developer agrees to establish a non - interest bearing escrow account <br />with the City in an amount established by the City Engineer or his <br />designee for the payment of all City fees and costs incurred by the City <br />related to the On -site and Off -site Work, including, but not limited to, the <br />following: <br />Total Estimated (Budget) Costs for Escrow Account $5,000 <br />Administration (Legal, Engineering, Planning, and <br />Contract administration) <br />Existing project escrow as of June 19, 2012 $1,900 <br />Additional escrow deposit required: $3,100 <br />B. The City shall have a right to reimburse itself from the Escrow. If it <br />appears that the actual costs incurred will exceed the estimate, then <br />Developer and City shall review the costs required to complete the project. <br />In such case, Developer shall deposit additional sums with the City to pay <br />for the agreed upon increase. <br />VI. REMEDTP,S FOR BREACH <br />A. The City shall give prior notice to the Developer of any default hereunder <br />before proceeding to enforce such financial guarantee or before the City <br />undertakes any work for which the City will be reimbursed through the <br />financial guarantee. If within ten (10) days after such notice to it, the <br />Developer has not notified the City by stating in writing the manner in <br />which the default will be cured and the time within which such default will <br />be cured, the City will proceed with the remedy it deems appropriate. <br />At any time after the completion date and any extensions thereof, if any of <br />the work is deemed incomplete, the City may proceed in any one or more <br />of the following ways to enforce the undertakings herein set forth, and to <br />collect any and all expenses incurred by the City in connection therewith, <br />including, but not limited to, engineering, legal, planning and litigation <br />costs and expense. The enumeration of the remedies hereunder shall be <br />in addition to any other remedies available to the City. <br />1. Specific Performance. The City may in writing direct the surety or the <br />Developer to cause the Work to be undertaken and completed within a <br />specified reasonable time. If the Developer fails to cause the Work to be <br />done and completed in a manner and time acceptable to the City, the City <br />may proceed to bring an action for specific performance to require work to <br />be undertaken. <br />• <br />• <br />