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152229v01 <br />SMM:06/07/2010 <br />11 <br />default. If the Improvements are not completed at least thirty (30) days prior to the expiration of the <br />security, the City may also draw it down. If the security is drawn down, the proceeds shall be used to cure <br />the default. Upon receipt of proof satisfactory to the City that work has been completed and financial <br />obligations to the City have been satisfied, with City approval the security may be reduced from time to time <br />by ninety percent (90%) of the financial obligations that have been satisfied. Ten percent (10%) of the <br />amounts certified by the Developer's engineer, and approved by City’s Engineer, shall be retained as <br />security until all Improvements have been completed, all financial obligations to the City satisfied, the <br />required "as constructed" Plans have been received by the City, a warranty security is provided, and the <br />public Improvements are accepted by the City Council. The City standard specifications for utilities and <br />street construction outline procedures for security reductions. <br />25.SUMMARY OF CASH REQUIREMENTS. The Developer shall enter into an <br />Escrow Agreement with the City. <br />26.WARRANTY. The Developer warrants all Improvements against poor material and <br />faulty workmanship. The warranty period for streets is one year. The warranty period for underground <br />utilities is two years and shall commence following completion and acceptance by the City Council. The <br />one year warranty period on streets shall commence after the final wear course has been installed and <br />accepted by the City Council as documented in official City minutes. The Developer shall post a <br />maintenance bond, letter of credit or cash deposit (the “Maintenance Security”) in an amount reasonably <br />determined by the City Engineer. The City Engineer shall examine the condition of the Improvements when <br />determining the amount of the Maintenance Security. The City shall retain ten percent (10%) of the security <br />until the Maintenance Security is furnished the City or until the warranty period expires, whichever first <br />occurs. The retainage may be used to pay for warranty work. The City standard specifications for utilities <br />and street construction identify the procedures for final acceptance of streets and utilities. <br />27.RESPONSIBILITY FOR COSTS. <br />222