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with lath and a flag. The Developers land surveyor shall certify that all irons have been set following site grading and <br /> utility and street construction. In addition,the certificate of survey for construction on each individual lot must also <br /> include a certification that all irons for that specific lot have either been found or set prior to the issuance of a building <br /> permit for that lot. <br /> K. To the extent not covered by the City Engineering Administration Fee escrow per Section 24 <br /> below,the Developer shall pay to the City Engineer the amounts incurred for the preparation of record construction <br /> drawings and City base map upgrading. <br /> L. The Developer shall submit the final Plat in electronic format. The electronic format shall be <br /> Auto CAD file. The Developer shall also submit two complete sets of the Plat on Mylar (one copy for the City's <br /> records and one copy for recording with Hennepin County). The Developer shall also provide one copy reduced to 1" <br /> =200'. <br /> 24. SUMMARY OF SECURITY REQUIREMENTS. To guarantee compliance with the terms of <br /> this agreement,payment of the costs of all public and private improvements,and construction of all public and private <br /> improvements,the Developer shall furnish the City with cash security in the amount of$167,790.00 which is 150%of <br /> the improvement costs; plus a cash escrow of$8,000.00 for erosion control,City engineering administration and any <br /> legal fees incurred by the City at the time of building permit. The amount of the security is calculated based on the <br /> submitted Engineer's estimate for the Letter of Credit(attached hereto as Exhibit "B") and on the City Engineer's <br /> estimate for the escrow. <br /> PROJECT SECURITIES SUMMARY: <br /> Cash Security $ 167,790.00 <br /> Erosion Control and Engineering Administration Escrow $ 8.000.00 <br /> TOTAL PROJECT SECURITIES $175,790.00 <br /> This breakdown is for historical reference; it is not a restriction on the use of the security. The City may draw down <br /> the security for any uncured violation of the terms of this Contract. If the required public improvements are not <br /> completed at least thirty (30) days prior to the expiration of the security, the City may also draw it down. If the <br /> security is drawn down,the proceeds shall be used to cure the default. Upon receipt of proof satisfactory to the City <br /> 6/17/14;MPG 9/16/14 10 Orono/Oliver Hill/No. 13-3637&14-3685 <br /> 176712v2 <br />