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15. OWNERSHIP OF IMPROVEMENTS. Upon completion of the work and <br />construction required by this Agreement and formal City acceptance, the Public Improvements <br />lying within public easements or right of way shall become City property without further notice <br />or action. <br />16. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance <br />with the terms of this Agreement, payment of the costs of all Public and Private Improvements, <br />and construction of all Public Improvements, the Developer shall furnish the City with one (1) <br />Letter of Credit, in the form attached hereto, from a bank ("security") totaling $488,727.11. The <br />security amounts are to be calculated as follows: <br />1. Public Improvements* Due before Plat release <br />a. Lot 1, Block 1 <br />b. Lot 1, Block 2 <br />c. Lot 2, Block 2 <br />d. Lot 3, Block 2 <br />e. Orono Industrial Boulevard <br />f. Old Crystal Bay Road <br />g. Ditch Upgrade and Improvements along Highway 12 <br />$ 71,137.50 <br />$ 29,877.50 <br />$ 49,087.50 <br />$ 14,242.5 0 <br />$267,667.50 <br />$ 12,964.61 <br />$ 43,750.00 <br />*Public Improvements include items such as paving/grading/landscaping within <br />public rights -of -way, and improvements to sanitary sewer, watermain and storm <br />sewer within public rights -of -way. <br />In addition, the Developer shall deliver to the City separate letters of credit in the <br />same form as provided above with respect to the following improvements, at the <br />times specified below: <br />2. Private Improvements Lot 1, Block 1, <br />Due before Building Permit release* $438,720.00 # <br />132281 vll <br />128 <br />