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<br /> 28 <br />LA515\112\937837.v1 <br />provide the City within forty-five (45) days with a substitute letter of credit from an issuing bank <br />satisfactory to the City, the City may draw under the existing letter of credit. <br />This breakdown is for historical reference; it is not a restriction on the use of the Security. <br />The City may draw down the Security, without notice, for any violation of the terms of this <br />Agreement or if the Security is allowed to lapse prior to the end of the required term. If the required <br />public Subdivision Improvements are not completed at least thirty (30) days prior to the expiration <br />of the Security, the City may also draw it down. If the Security is drawn down, the proceeds shall <br />be used by the City to cure the default. <br />The Developer was the developer of the adjacent property which is called Legacy at North <br />Star. As part of the NorthStar Subdivision Improvements, the developer is constructing a <br />stormwater irrigation reuse system for the purpose of meeting its state, watershed and city permit <br />requirements for Stormwater Management for both the NorthStar Subdivision and for the Legacy <br />at NorthStar Subdivisions as detailed in the Developer’s Stormwater Management Plan for the <br />NorthStar Subdivision. Therefore, in addition to the NorthStar Subdivision Improvements, the <br />Developer hereby consents to the City using the Security from this Agreement, as may be <br />necessary to make stormwater management corrections or additions for the Legacy at North Star <br />Subdivisions. <br />37. REDUCTION OF SECURITY. Upon written request by the Developer and upon receipt <br />of proof satisfactory to the City Engineer that work has been completed in accordance with the <br />approved Plans and the terms of this Agreement and that all financial obligations to the City have <br />been satisfied, the City Engineer may approve reductions in the Security in the following <br />instances: <br />A. Up to 75 percent of the Security associated with the itemization on Exhibit C may <br />be released upon completion of the following key milestones of the project as <br />determined by the City Engineer: