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24 <br />LA515\160\1053952.v2 <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 conveyance <br />systems and storm water ponds. Upon inspection of the site and approval of the as-built <br />survey by the City, the City may release 100 percent, or $________________________, <br />of the Security associated with subdivision grading. This Security reduction does not <br />include amounts related to erosion and sedimentation control. <br /> <br />B. Up to 75 percent of the Security associated with the itemization on Exhibit B may be <br />released upon completion of the following key milestones of the project as determined <br />by the City Engineer: <br />1. Construction Categories 2 and 3: The amount of $______________________ <br />may be released when all sanitary sewer and watermain utilities have been <br />installed, all testing and televising has been successfully completed, sanitary <br />sewer as-built inverts have been verified, and the utilities are considered ready <br />for use by the City Engineer. <br />2. Construction Categories 4 and 5: The amount of $____________________ <br />may be released when all streets, sidewalks, and storm sewer have been <br />installed, televised and tested, and have been found to be complete to the <br />satisfaction of the City Engineer including all corrective work for any identified <br />punch list items and including verification of storm sewer as-built inverts, but <br />not including the final wear course. <br />3. Construction Categories 6--10 and 15--18: The amount of