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$100.00 per lot. The Monument Security will be hel by the City until the Developer's land surveyor certifies that all irons have been set follo ng site grading and utility and street construction. In addition, the certificate of survey must al o include a certification that all irons for a specific lot have either been found or set prior to the iss ance of a building permit for that lot. J. The Developer shall pay to the ci y engineer the amounts incurred for the City base map upgrading in escrow. K. The Developer shall submit the final Plat in electronic format. The electronic format shall be Auto CAD file. The Develop r shall also submit two complete sets of the Plat on Mylar (one copy for the City's records an one copy for recording with Hennepin County). The Developer shall also provide one copy red ced to 1"=200'. 24. SUMMARY OF SECURITY REQUI MENTS. To guarantee compliance with the terms of this Contract, payment of the costs of 11 Improvements and construction of all Improvements, the Developer shall furnish the City wi a letter of credit, in the form attached hereto (the "security"), from a bank for 150% of the ost of the Improvements, including any required landscaping. The amount of the security shall e $358,449.75 The bank shall be subject to the approval of the City Administrator. The City m y draw down the security, upon five (5) business days' prior written notice to Developer, for an violation of the terms of this Contract. Amounts drawn shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at least thirty (30) days prior to the ex iration of the security, the City may also draw it down. If the security is drawn down, the procee s shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has be n completed and financial obligations to the City have been satisfied, with City approval the secu ity may be reduced from time to time by ninety percent (90%) of the financial obligations that h ve been satisfied. Ten percent (10%) of 12 169371v5