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4.03 Improvement Securitv. Prior to the City's endorsement of approval on the final <br />plat, the Developer shall deposit security with the City Administrator in an amount <br />equal to 125% of the City Engineer's estimate of the cost of constructing the <br />Developer secured improvements which have not been completed and accepted <br />by the City prior to final plat approval. The security may be in the form of a cash <br />escrow fund, a performance bond, or a letter of credit. The form of security shall <br />be approved by the City Attorney. <br />4.04 Reduction of Security. Upon completion of required improvements forthe Property <br />and acceptance by the City, the City Council shall reduce the amount of security <br />for the completed improvements provided that in no case shall the total remaining <br />security be equal to less than 125% of the estimated costs of the incomplete <br />improvements. <br />4.05 Administrative Fees. Developer agrees to pay an administrative fee to the City in <br />an amount equal to 2.5% of the Developer's secured improvements. The <br />administrative fee for this project equals $8,006.25. <br />4.06 Utility Company Improvements. The utility improvements include underground <br />gas, electric, and telephone service as installed by the appropriate utility company <br />at the direction of the Developer. The Developer shall arrange for the installation <br />of underground gas, electric, telephone and cable television before the final lift is <br />started. Utility improvements shall be completed by the 31 St day of October, 2006. <br />4.07 Recording Requirements. Prior to the conveyance of any of the lots in HOA 2"a <br />Addition, and except as hereinafter provided, prior to the issuance of any <br />development permits, the Developer shall provide the City with evidence that the <br />following documents have been recorded. <br />A. Plat. <br />B. The following documents, which have previously been recorded against this <br />property and are of record at Washington County. <br />Terms and conditions of Declaration of Protective Covenants dated <br />December 1, 1997, filed December 31, 1997, as Document No. <br />1065503. <br />2. Terms and conditions of Development Standards filed July 18, 2000, <br />as Document No. 1092260. <br />Declaration for Storm Water Retention Area Maintenance dated <br />August 29, 2000, filed September 29, 2000, as Document No. <br />1094004. <br />3 <br />