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required landscaping. The amount of the Security shall be $379.934.10. The amount of the Security <br />includes all of the security requirements set forth in this Contract, and was calculated as follows: <br />CONSTRUCTION COSTS: <br />Erosion Control and site stabilization <br />$ <br />20 177.50 <br />Improvements <br />$ <br />281,269.80 <br />Lot Corners/Iron Monuments <br />$ <br />2,500.00 <br />Total Costs <br />$ <br />303,947.30 <br />Total Security Total Costs x 125% <br />$ <br />379,934.10 <br />The bank shall be authorized to do business in the State of Minnesota, and shall provide a Minnesota <br />office for presentment of the Letter of Credit or other alternative acceptable to the City. The Security shall <br />extend through completion and acceptance (including the expected warranty period) by the City of the <br />Development Work. The City may draw down the Security, upon five (5) business days' prior written <br />notice to Developer, for any violation of the terms of this Contract. Amounts drawn shall not exceed the <br />amounts necessary to cure the default. If the Improvements are not completed at least thirty (30) days <br />prior to the expiration of the Security, the City may also draw it down. If the Security is drawn down, the <br />proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City that work has <br />been completed and financial obligations to the City have been satisfied, with City approval the Security <br />may be reduced from time to time by ninety percent (90%) of the financial obligations that have been <br />satisfied. Ten percent (10%) of the amounts certified by Developer's engineer, and approved by City's <br />Engineer, shall be retained as Security until all Improvements have been completed, all financial <br />obligations to the City satisfied, the required "as constructed" Plans have been received by the City, a <br />warranty security is provided, and the public Improvements are accepted by the City Council. The City <br />standard specifications for utilities and street construction outline procedures for Security reductions. <br />27. Summary of Cash Requirements. The following is a summary of the cash requirements <br />and fees due under this Contract, which must be paid in cash at the time of Final Plat approval: <br />13 <br />23240205 <br />