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this Agreement, but are on file with the City. If the Plans vary from the written terms of this Agreement, the written terms shall control. 3.Security Requirements. (a)Amount. Developer shall provide a cash deposit, irrevocable letter of credit, or other security acceptable to the City (the “Security”) in the amount of $________50,000.00 to secure Developer’s performance under this Agreement and completion of the following obligations and improvements and any other improvements or work performed by Developer in the public right of way or otherwise on City property in connection with the Project (collectively, the “Public Improvements”): (i)Stormwater Management Improvements ($____________15,000.00) (ii)Landscaping Improvements ($____________10,000.00) (iii)____________________ ($____________City Administration Costs (Legal, Planning, Engineering, etc.) ($25,000.00) (b)Other Requirements. Developer’s deposit of the Security shall also be a condition to the City issuing a building permit for the Project.The bank and form of any irrevocable letter of credit shall be subject to approval by the City Administrator and City Attorney and shall continue to be in full force and effect until released by the City. The City may draw down on the Security, after notice as provided in Section 10(a) relating to a Developer default and the expiration of any cure period, or upon the City receiving notice that the irrevocable letter of credit will be revoked or allowed to lapse. The City may use the Security proceeds to reimburse the City for its reasonable costs and any other damages incurred with respect to an uncured Developer default. (c)Reductions and Release. Periodically, upon Developer’s written request and upon completion by Developer and acceptance by the City of any specific Public Improvements, 90% of that portion of the Security covering those specific completed Public Improvements only shall be released. The final 10% of that portion of the Security for those specific completed Public Improvements shall be held until acceptance by the City and expiration of the warranty period under Section 4. 4.Warranty. Developer warrants all Public Improvements against defective material and faulty workmanship for a period of two (2) years after its completion and acceptance by the City, except all trees, grass, and sod shall be warranted to be alive, of good quality, and disease free for one (1) year after planting (and any replacements shall be similarly warranted for one (1) year from the time of planting). Upon written notice of completion of any Public Improvements, the City shall inspect the work within 30 days of such notice and promptly notify Developer in writing of any defects requiring repair. With respect to matters covered by the foregoing warranty, Developer, at its own expense, shall be solely responsible for performing repair work required by the City within 30 days of notification or, if not reasonably curable within 30 days, within such additional reasonable period of time required to effect the cure.The inspection by the City after completion of the Public Improvements shall not be deemed a waiver by the City of any damage or deficiencies that arise within the warranty period subsequent to the inspection or that are not reasonably discoverable during the initial inspection. 5.Intentionally deleted. 2 2483258.v2 4887-6170-0872\3