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irrevocable letter of credit is utilized, the form and content thereof shall be approved in advance <br /> by County, in its reasonable discretion. <br /> 2. The amount of the Peformanee Security Instrument to be pledged by i <br /> Developer to secure its performance hereunder shall be one hundred fifteen percent (115 %) of <br /> the Roadway Improvement Project, costs as provided in the preliminary estimate of project costs <br /> referred to in Exhibit "E". The funds or irrevocable letter of credit (as selected by Developer) <br /> shall be posted by Developer no later than fourteen (14) days following the completion and <br /> approval by the County of the thirty percent (309o) design, as referenced in paragraph C:1 .(b) <br /> herein, and shall be maintained throughout the term of the Project, subject to reduction, as <br /> provided below. <br /> 3. The amount of the Performance Security Instrument shall be increased or <br /> reduced, as applicable, at such time as: the filial Roadway Improvement Project costs are <br /> determined and established. { <br /> 1 <br /> 4. County and .Developer agree that the Performance Security Instrument <br /> shall be incrementally reduced over the course of the Roadway Improvement Project as provided <br /> herein. At such time as County is notified by Developer_ that n ReductionEvent (as defined <br /> below) has occurred, County agrees to cooperate in the initiation and implementation of all <br /> activities necessary to reduce the surety instrument, which shall involve the reduction of the cash <br /> deposit, or letter of credit, as applicable. The amount of any such, reduction shall be equal to the <br /> sums paid by Developer, and approved by the County,, since the Preceding Reduction Event, or <br /> as poster] by a thud party as: indicated in the Reduction Event. Provided, however, in: no event <br /> may any reduction of the Performance Security Instrument result in a final performance security <br /> amount balance which is less than, one hundred fifteen percent (115%) of the funds necessary to <br /> complete the Roadway Improvement Project. Further, reductions to the Performaiide Security <br /> Instrument shall occur no more frequently than quarterly during the term bereof. Reduction <br /> requests shall be aggregated during each quarter; and implbmenied by the parties one time. during <br /> each three month period . <br /> 5 . For purposes of this Agreement the term "Reduction Event" shall be <br /> defined as: (a) Payment of any installment or draw to a contractor or professional . in connection <br /> with prosecution of the Roadway Improvement Project; or (b) Payment of any proportionate <br /> share contribution of Roadway Improvement Project costs by a participating party as provided <br /> below. <br /> 6 . The requirement of a Performance Security Instrument shall terminate <br /> upon the earlier of (a) Payments pursuant to subsection 5(b) above equal to one hundred fifteen <br /> percent. (115%) of Roadway Improvement Project costs; or (b) Developer completes <br /> performance of the Roadway Improvement Project, pays all applicable parties in full, . and the <br /> Roadway Improvements are accepted for,maintenance by County. <br /> 7 . The Project traffic impact fees shall be reduced by the amount of <br /> Performance Security lssued by Developer. <br /> 7 <br />