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29 <br />LA515\135\943139.v2 <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This breakdown is for historical reference; it is not a restriction on the use of the Security.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 />35. 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: <br />1. Construction Categories 2 and 3: The amount of $600,629 may be released <br />when all sanitary sewer and watermain utilities have been installed, all testing <br />and televising has been successfully completed, sanitary sewer as-built inverts <br />have been verified, and the utilities are considered ready for use by the City <br />Engineer. <br />2. Construction Categories 4 and 5: The amount of $816,740 may be released <br />when all streets, sidewalks, and storm sewer have been installed and tested, <br />and have been found to be complete to the satisfaction of the City Engineer <br />including all corrective work for any identified punch list items and including <br />verification of storm sewer as-built inverts, but not including the final wear <br />course.