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<br />23 <br />LA515\129\891453.v6 <br />A. Upon completion of grading operations, including temporary site restoration. The <br />Developer must submit an as-built grading survey to the City that at a minimum <br />establishes the as-built grades at all lot corners and downstream drainage <br />conveyance systems and storm water ponds. Upon inspection of the site and <br />approval of the as-built survey by the City, 100 percent, or $165,895 of the Security <br />associated with grading may be released. This Security reduction does not include <br />amounts related to erosion and sedimentation control. <br />B. 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 $251,859 may be released <br />when all sanitary sewer and watermain utilities have been installed, all <br />testing and televising has been successfully completed, sanitary sewer as- <br />built inverts have been verified, and the utilities are considered ready for <br />use by the City Engineer. <br />2. Construction Categories 4, 5 and 6: The amount of $332,463 may be <br />released when all streets, sidewalks, and storm sewer have been installed <br />and tested, and have been found to be complete to the satisfaction of the <br />City Engineer including all corrective work for any identified punch list items <br />and including verification of storm sewer as-built inverts, but not including <br />the final wear course. <br />3. Construction Categories 7-11 and 15-17: The amount of $101,495 may be <br />released when all remaining Developer’s obligations under this Agreement <br />have been completed including: (1) bituminous wear course; (2) street <br />lighting and private utilities; (3) trails; (4) bio retention facilities; (5) iron <br />monuments for lot corners have been installed; (6) all financial obligations