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the completion of the Plan A Improvements on the Phase I Property have taken place or are otherwise hereby waived; (c) from and after the Effective Date, all remaining requirements relating to the Plan A Improvements shall be the sole obligation and responsibility of the Phase II Developer and Owner; (d) the Phase I Owner agrees to cooperate with the Phase II Developer and Owner to grant such temporary construction easements necessary for the Phase II Developer and Owner to complete the Plan A Improvements relating to the Phase II Property; (e) from and after the Effective Date, the Plan A Security may be reduced to $25,000; and (f) upon full completion of the Plan A Improvements, all Plan A Security shall be returned to the Phase II Developer and Owner. 3.Completion of Plan B Improvements; Release of Plan B Security; Termination of Temporary Construction Easements; Vacation of Drainage and Utility Easement. The Parties hereby acknowledge and agree that (a) the Plan B Improvements have been completed in their entirety in accordance with the Original Agreement; (b) the City shall release all Plan B Security to the Phase I Developer within thirty (30) days after the Effective Date of this Agreement; (c) all temporary construction easements contained in the Original Agreement encumbering the Phase I Property and/or Phase II Property and relating to the construction of the Plan B Improvements are hereby terminated; (d) the City has taken all steps necessary to vacate the drainage and utility easement depicted on Exhibit C attached hereto and incorporated herein by reference; and (e) all bonding requirements relating to the Plan B Improvements are no longer required given the passage of time since completion of the Plan B Improvements. 4.Completion of the Work relating to the Phase I Property. The Parties hereby acknowledge and agree that all other Work required by the Original Agreement relating to the Phase I Property has been completed in its entirety in accordance with the Original Agreement and that all remaining Work (with the exception of any Work secured by the Existing Escrow (defined below) and the maintenance obligations set forth in Section 5 below) shall be the obligation of the Phase II Developer and Owner. 5.Ongoing Maintenance Requirements. Notwithstanding anything to the contrary contained herein or in the Original Agreement, the Parties hereby acknowledge and agree that (a) all ongoing maintenance requirements required by the Original Agreement relating to the Phase I Property shall from and after the Effective Date of this Agreement be performed by the Phase I Owner, except to the extent such maintenance is caused by the gross negligence, willful misconduct, grossly negligent or willful omission of the Phase II Developer and Owner, in which event the Phase II Developer and Owner shall reimburse the Phase I Owner for the reasonable cost of such maintenance; (b) all ongoing maintenance requirements required by the Original Agreement relating to the Phase II Property shall from and after the Effective Date of this Agreement be performed by the Phase II Developer and Owner, except to the extent such maintenance is caused by the gross negligence, willful misconduct, grossly negligent or willful omission of the Phase I Owner, in which event the Phase I Owner shall reimburse the Phase II Developer and Owner for the reasonable cost of such maintenance. 64