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bond, with the form of any non-cash surety to be satisfactory to the City, in the sum of $901,531.25 which is 125%of the cost estimate of the Developer Improvements which cost estimate is in the amount of$721,225.00. The security shall be a guaranty to the City that the Developer Improvements will be timely completed to the City's satisfaction and in accordance with final plans and specifications as well as the terms of this Agreement. The security shall also provide a source of payment for the City for expenses incurred by the City, which the Developer is obligated to pay under this Agreement. The Developer shall maintain the cash, letter of credit or performance bond continuously until the Developer Improvements are completed pursuant to this Agreement and all applicable warranty and guarantee periods have expired. The cash, letter of credit, or performance bond for Developer Improvements shall be released upon certification of the City Engineer that such items are satisfactorily completed pursuant to this Agreement and the applicable warranties and guarantees outlined in this Agreement have expired. To the extent that any cash or letter of credit referred to herein is ever utilized and found to be deficient in amount to pay or reimburse the City in total, the Developer agrees that upon being billed by the City, the Developer will pay within ten (10) days of the mailing of said billing, the said deficient amount. If there should be an overage in the amount of utilized security, the City will, upon making said determination, refund to the Developer any monies, which the city has in its possession which are in excess of the actual cost paid by the City. All securities deposited within the City for Developer Improvements shall be used by the city at City's discretion to defray City's costs and expenses. A copy of the security for this Agreement is attached hereto as Exhibit C. The City may in its discretion reduce the security to 10%of the estimated cost during the warranty period, subject to review by the City Engineer. XIII. Pre-Construction Activities. The Developer and its engineer shall schedule a pre-construction meeting with City to review a proposed schedule for construction of the Developer Improvements and coordinate the Schedule with the installation of Municipal Improvements XIV. Commencement of Construction of Developer Improvements. Upon obtaining all necessary governmental approvals, licenses, and permits, subject to unavoidable delays, Developer shall commence construction of the Developer Public Improvements within ten (10)days. XV. Faithful Performance of Construction of Developer Improvements and Guaranty. Developer shall install, construct, and maintain the Developer Improvements in accordance with the terms of this Agreement. Developer guarantees and warrants the workmanship of Developer Improvements for a period of one year following City's acceptance of the same for utility or maintenance purposes ("Guarantee Period"). The security described herein shall remain in place until all applicable warranty and guarantee periods have expired. The Developer shall repair or replace, as directed by the City and at the Developer's sole cost and expense, any work associated with and/or materials that become 8