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to cure the default. The Developer has posted a security with the City with respect to the Grading Agreement. The Developer may have the City release the security posted by it pursuant to the Grading Agreement and post a new Security or it may allow the security posted under the Grading Agreement to be applied towards the Security required by this Agreement. 32. REDUCTION OF SECURITY. Upon written request by the Developer and upon receipt of proof satisfactory to the City Engineer that work has been completed in accordance with the approved Plans and the terms of this Agreement and that all financial obligations to the City have been satisfied, the City Engineer may approve reductions in the Security in the following instances: A. Upon completion of grading operations, including temporary site restoration. The Developer must submit an as -built grading survey to the City that at a minimum establishes the as -built grades at all lot corners and downstream drainage conveyance systems and storm water ponds. Upon inspection of the site and approval of the as -built survey by the City, 100 percent, or $468,200 of the Security associated with grading may be released. This Security reduction does not include amounts related to erosion and sedimentation control. B. Up to 75 percent of the Security associated with the itemization on Exhibit C may be released upon completion of the following key milestones of the project as determined by the City Engineer: 1. Construction Categories 2 and 3: The amount of $754,394 may be released when all sanitary sewer and watermain utilities have been installed, all testing and televising has been successfully completed, sanitary sewer as - built inverts have been verified, and the utilities are considered ready for use by the City Engineer, 2. Construction Categories 4 and 5: The amount of $939,590 may be released 25 LA515-93-753821 .0