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provided to the City before any construction pursuant to this Agreement <br /> has commenced. Further it shall be the responsibility of the Developer to <br /> provide evidence of current insurance throughout the term of this <br /> Agreement. <br /> XII. Security for Cost of Developer Improvements. Developer shall, upon <br /> execution of this Agreement, provide City with cash, letter of credit, or a performance <br /> bond, with the form of any non-cash surety to be satisfactory to the City, in the sum of <br /> $922,473.86 which is 125% of the cost estimate of the Developer Improvements which <br /> cost estimate is in the amount of$737,979.09. The security shall be a guaranty to the <br /> City that the Developer Improvements will be timely completed to the City's satisfaction <br /> and in accordance with final plans and specifications as well as the terms of this <br /> Agreement. The security shall also provide a source of payment for the City for <br /> expenses incurred by the City, which the Developer is obligated to pay under this <br /> Agreement. The Developer shall maintain the cash, letter of credit or performance bond <br /> continuously until the Developer Improvements are completed pursuant to this <br /> Agreement and all applicable warranty and guarantee periods have expired. The cash, <br /> letter of credit,or performance bond for Developer Improvements shall be released <br /> upon certification of the City Engineer that such items are satisfactorily completed <br /> pursuant to this Agreement and the applicable warranties and guarantees outlined in <br /> this Agreement have expired. To the extent that any cash or letter of credit referred to <br /> herein is ever utilized and found to be deficient in amount to pay or reimburse the City in <br /> total, the Developer agrees that upon being billed by the City, the Developer will pay <br /> �. within ten (10) days of the mailing of said billing, the said deficient amount. If there <br /> should be an overage in the amount of utilized security, the City will, upon making said <br /> determination, refund to the Developer any monies, which the City has in its possession <br /> which are in excess of the actual cost paid by the City. All securities deposited with the <br /> City for Developer Improvements shall be used by the City at City's discretion to defray <br /> City's costs and expenses. A copy of the security for this Agreement is attached hereto <br /> as Exhibit D. <br /> The City may in its discretion reduce the security to 10% of the estimated cost during <br /> the warranty period, subject to review by the City Engineer. <br /> XIII. Pre-Construction Activities. The Developer and its engineer shall schedule a <br /> pre-construction meeting with City to review a proposed schedule for construction of the <br /> Developer Improvements and coordinate the Schedule with the installation of Municipal <br /> Improvements <br /> XIV. Commencement of Construction of Developer Improvements. Upon <br /> obtaining all necessary governmental approvals, licenses, and permits, subject to <br /> unavoidable delays, Developer shall commence construction of the Developer Public <br /> Improvements within ten (10) days. <br /> XV. Faithful Performance of Construction of Developer Improvements and <br /> Guaranty. Developer shall install, construct, and maintain the Developer Improvements <br /> in accordance with the terms of this Agreement. Developer guarantees and warrants <br /> 8 <br />