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< _.. may have a FAR upto 0.65. FAR sha11 include all floor area,excluding porches and decks/divided by the totallot area.. All other provisions shall be as regulated by the City Code. 25. SUNIlVIARY OF SECiTRITY REQUIREMENTS. To guarantee compliance with the tenns of this Contract, payment of the costs of-a11 Improvements and construcdon of all - Im�rovements; the Developer�shall fwrnish the City with a l�tter of credit, in-the-form attached hereto (the "security"), from a bank for 150% of the cost of the Improvemerits, including any required landscaping. The amount of the security shall be$386,877. T�e bank shall be subject to the approval of the �City�Administrator. The City may draw down the security, upon five (5) business days' prior written notice to Developer, for any violation of the terms of this Contract. Arnounts drawn sha11 not exceed the amounts net;essazy to cure the default. If the Improvements are not completed at least thirty(30)days prior to the expiration of the security,the City may also draw it down. If the security is drawn down,the proceeds shall be used to cure the defaul� Upon receipt of proof satisfactory to the City that work has been completed and financial obligations to the City have been satisfied, with City approval the security may be reduced from time to time by ninety percent(90%)of the financial obligations that ha.ve been satisfied. Ten percent(10%)of the amounts certified by the Developer's engineer, and approved by City's Engineer, shall be retained as security until all Improver,nents have been completed, all financial obligations to the City satisfied,the required"as constructed"Plans haye been received by the City, a warranty security is provided, and the public Improvements are accepted by the City Council. The City standard specifications for utilities and sfireet construction outline procedures for security reductions. 13 189563v1