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$100.00 per lot. The Monument Security will be held by the City until the Developer's land surveyor certifies that all irons have been set following site grading and utility and street construction. In addition, the certificate of survey must also include a certification that all irons for a specific lot have either been found or set prior to the issuance of a building permit for that lot. J. The Developer shall pay to the city engineer the amounts incuned for the City base map upgrading in escrow. K. The Developer shall submit the fmal Plat in electronic format. The electronic format shall be Auto CAD file. T'he Developer shall also submit two complete sets of the Plat on Mylar (one copy for the City's records and one copy for recording with Hennepin County). The Developer shall also provide one copy reduced to 1" =200'. 24. SiTMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of this Contract, payment of the costs of all Improvements and construction of all Improvements, the Developer shall furnish the City with a letter of credit, in the form attached hereto (the "security"), from a bank for 150% of the cost of the Improvements, including any required landscaping. The amount of the security shall be $358,449.75 The bank sha11 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. 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 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 default. 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 have been satisfied. Ten percent (10%) of 12 169371v5