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25 <br />LA515\137\947791.v5 <br />curb and gutter, trails and sidewalks, materials and equipment shall be one year <br />from the date of final written City acceptance of the work. <br />C. The required warranty period for sod, trees, and landscaping is two years from the <br />date of final written City acceptance of the installation. <br />D. The required warranty period for stormwater reuse improvements is one year from <br />the date of the City’s issuance of the certificate of occupancy for at least one <br />Subdivision lot in this phase. <br />34. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the <br />terms of this Agreement, payment of special assessments, payment of the costs of all public <br />Subdivision Improvements, and construction of all public Subdivision Improvements, the <br />Developer shall furnish the City with an irrevocable letter of credit or cash escrow or a combination <br />of a cash escrow and a letter of credit (the “Security") in the amount of $XXXXXXX. The bank <br />originating the letter of credit shall be determined by the City to be solvent and creditworthy. The <br />letter of credit shall substantially be in the form attached to this Agreement and must be approved <br />by the City. The amount of the Security was calculated as itemized on Exhibit B. If at any time <br />the City reasonably determines that the bank issuing the letter of credit no longer satisfies the <br />City’s requirements regarding solvency and creditworthiness, the City shall notify the Developer <br />and the Developer shall provide to the City within 45 days a substitute for the letter of credit from <br />another bank meeting the City’s requirements. If the Developer fails to provide the City within 45 <br />days with a substitute letter of credit from an issuing bank satisfactory to the City, the City may <br />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This breakdown is for historical reference; it is not a restriction on the use of the Security.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 upon 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 />Subdivision Improvements are not completed at least 30 days prior to the expiration of the