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<br /> 30 <br />LA515-119-849077.v5 <br />released when landscaping Subdivision Improvements have been installed to <br />the satisfaction of the City including all corrective work for any identified punch <br />list items. <br />B. Twenty-five percent of the original Security amount, excluding grading and <br />landscaping improvements shall be retained until: (1) all Subdivision <br />Improvements have been fully completed and accepted by the City, including all <br />corrective work and warranty punch list items; (2) all financial obligations to the <br />City have been satisfied; and (3) the warranty period has expired. <br />C. Twenty-five percent of the original Security amount associated with landscaping <br />shall be retained by the City until: (1) all landscaping Subdivision Improvements <br />have been fully completed and accepted by the City, including all corrective work <br />and warranty punch list items being completed by the Developer; (2) all financial <br />obligations to the City have been satisfied; and (3) the warranty period has expired. <br />D. In addition to the above project milestone based Security reductions, the <br />Developer may submit a written request and upon receipt of proof satisfactory to <br />the City Engineer that work is progressing in accordance with the approved Plans <br />and the terms of this Agreement and that all financial obligations to the City have <br />been satisfied, the City Engineer may approve a one-time reduction in the Security <br />for Construction Categories 2-5 in an amount not to exceed 50 percent of the initial <br />Security amount. This one-time Security reduction does not apply to Categories 4- <br />5 if boulevard sidewalks or trails have not been installed. <br />E. It is the intent of the parties that the City at all times have available to it Security in <br />an amount adequate to ensure completion of all elements of the Subdivision <br />Improvements and other obligations of the Developer under this Agreement, <br />including fees or costs due to the City by the Developer. To that end and <br />notwithstanding anything herein to the contrary, all requests by the Developer for