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three and one-quarter percent (1.25°/x) (if using a disbursement agreement) of the <br /> estimated construction cost, assuming normal construction and project scheduling. The <br /> Developer shall pay for construction observation performed by the City's in-house staff or <br /> consult. <br /> 15. Security To guarantee compliance with the terms of this agreement, payment of real <br /> estate taxes including interest and penalties, payment of special assessments if any, <br /> payment of the costs of all site improvements, and construction of all site improvements, <br /> the Developer shall furnish the City with a letter of credit, in the form attached hereto, from <br /> a bank ("security") for $ , plus a cash fee of$ for City <br /> administration. <br /> This breakdown is for historical reference; it is not a restriction on the use of the security. <br /> The bank shall be subject to the approval of the City Manager. The security shall be for a <br /> term ending December 31, . Individual security instruments may be for shorter <br /> terms provided they are replaced at least thirty (30) days prior to their expiration. The <br /> City may draw down the security, without notice, for any violation of the terms of this <br /> Contract or if the security is allowed to lapse prior to the end of the required term. If the <br /> required site improvements are not completed at least thirty (30) days prior to the <br /> expiration of the security, the City may also draw it.down. If the security is drawn down, <br /> the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the <br /> City that work has been completed and financial obligations to the City have been <br /> satisfied, with City approval the security may be reduced from time to time by ninety <br /> percent (90%) of the financial obligations that have been satisfied. _Ten percent (10%) of <br /> the amounts certified by the developer's architect shall be retained as security until all <br /> improvements have been completed, all financial obligations to the City satisfied, the y <br /> required "as constructed" plans have been received by the City, a warranty security is <br /> provided, and the public improvements are accepted by City Council. <br /> 16. Claims In the event that the City receives claims from labor, material men, or <br /> others that work required by this Contract has been performed, the sums due them have <br /> not been paid, and the laborers, material men, or others are seeking payment from the <br />