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� � . � (one copy for the City's records and one copy for reeording witf� Hennepin County). The Developer shall atso provide one copy reduced to i"=200'. 2a. SL1lVLl�t�RX OF SECURITY REQUIRE�NTS. To guarantee campliance with . ' the terms of this Contrnct,payment of all professional fees, including engineering and legal incnrred by the . City, and payment of the costs of sil Improvements and conshuctian of all Improvements, the Deve}oper � shall furnish,the City �vith a letter af credit, in the form attached i�ereto(the "secarity"), fram a bank for ' t54% of the cost of the Improvements, inctucling any required landscaping. The amount of the security , shall be$378,3I 8.00. The btink shall be subject to the appro�al of the City Administrator, Tl�e City may draw dawn the security,upon five(5)busuiess days' prior tvritten notice to Developer, for any vioiation of ' the terms of thss Con4ract.Amounts dra�vn shall not exceed the amounts necessary to cure the default. If the Improvements are not completed at least ti�irty(30)days prior to fhe expiration of tke secnrity,the City may Aiso dra�v it do�m: If the security is drawn do�vn, the proceeds shall be used to cure the default. Upon � receipt of proaf satisfactory to the City that work has been completed and financial obIigations to the City • , have been satisfied, �vith City approval the security may be reduced from time to time by ninety percent ' , (90%)of the financial obligAtions that have been satisfigd. Ten percent(30%}of the amaunis�ertified by , the Developer's engineer, and approved by City's Engineer, si�ail be retained as security until all • Improvements have been completed, all finencial obtigations to the City satisfied, the required "as • constructed" Ptuns have been received by the City, a warranty securiry is provided, and the public . � � , Improvements are accepted by the City Council. The City standard specifications for u#il'sties and street • construction outIine procedures for security reductions. � 25. SUNIIi�1ARY OF CASH REQiTIREMENTS. T�e Deveioper shall enter into an . Escrow Agreement with the City. � • 26. WARRANTY. The DeveIoper warrants all Improvements against poor material and faulty workmanship. The warranry period for streets is one year. The warracsty period for underground utilities is rivo years and shall commence foilowing c�mpletion and acceptance by the City Council. The � • 152891v03 ll ORONO:ICu�rr�Two ' SIvLWsm:r07123t2410 {Andradc Land Company!MacKinnon) , .