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<br />LA515-110-838683.v10 <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This breakdown is for historical reference; it is not a restriction on the use of the Security.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 <br />Security, the City may also draw upon it. If the Security is drawn upon, the proceeds shall be <br />used by the City to cure the default. <br />33. 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. 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 $200,000 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 $333,516.75 may be