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3. Private Improvements Lot 1,Block 2, . <br /> Due before Building Permit release* $335,06b.88 # <br /> 4. Private Improvements Lot 2,Block 2, <br /> Due before Building Permit release* $266,206.56� <br /> 5. Private Improvements Lot 3,Biock 2, <br /> . Due before Building Permit release*, $476,093.44� <br /> � '� Release will be pernutted on a Lot by Lot basis. . <br /> # Amounts will be recaicuiated and adjustec� at the time of Building Permit <br /> . Approval based upon then existing anticipated costs. <br /> This breakdown is for Iustorical reference; it is not a restrict�an on the use of the security. <br /> The bank sha11 be subject to the reasonable approval of the City Administrator. The security <br /> must be in the fortn as provided for in the example Letter of Credit attached hereto a�d <br /> � incorpora.ted by reference. The City may draw down the security, with notice, for any violation <br /> of the terms of this Agreement, subject to the cure periods provided. in this Agreement. If the <br /> reqwired Public or Private Improvements are not compieted and the City receives a notice of non- <br /> renewal af the ietter o�credit from the issuer thereo£, the City may also draw it down and hold <br /> the funds as a cash escrow to secuxe compliance with the requirements by f.he Developer. If the <br /> security is drawn down, the proceeds sha11 be used to cure the default. Upon receipt of proof <br /> sa�isfactory to the City that work has been completed and financial obligations to the City have � <br /> been satisfied, with City approval, which shall not be unreasonably withheld, condi�ioned or <br /> � delayed, fihe security may be reduced from time to time. For Public Improvements, ten percent <br /> (10%) of the amounts cer�ified. by the Developer shall be ref.ained as security until all Public <br /> Improvements ha.ve been completed, aIl necessary utility easements have been provided, a11 <br /> financial obligations to �Iie City satisfied, the required"as constructed"Plans have bean reeeived <br /> R�CEO�/�@� <br /> �3zzg���� �� JUN � 1 ��;� <br /> - 10 - �'_�� _: . <br /> _ �,� CI1�C7�ORONCk� <br />