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of credit. If the cash option is elected, required sums shall be posted with the COUNTY as Escrow Agent. In the event that an irrevocable letter of credit is utilized, the form and content thereof shall be approved in advance by COUNTY, in its reasonable discretion. B . The amount of the performance security instrument to be pledged by DEVELOPER to secure its performance hereunder shall be One Hundred Fifteen (115%) Percent of the roadway improvement project costs as provided in the preliminary estimate of project costs referred to in Exhibit "C". The funds or irrevocable letter of credit (as selected by DEVELOPER) shall be posted by DEVELOPER no later than 14 days following the Effective Date of this Agreement, and shall be maintained throughout the term of the project, subject to reduction, as provided below. C. The amount of the performance security instrument shall be increased or reduced, as applicable, at such time as the final roadway improvement project costs are determined and established. D. COUNTY and DEVELOPER agree that the performance security instrument shall be incrementally reduced over the course of the roadway improvement project as provided herein. At such time as COUNTY is notified by DEVELOPER that a Reduction Event (as defined below) has occurred, COUNTY agrees to cooperate in the initiation and implementation of all activities necessary to reduce the surety instrument, which shall involve the reduction of the cash deposit, , or letter of credit, as applicable . The amount of any such reduction shall be equal to the sums paid by DEVELOPER or COUNTY since the preceding Reduction Event, or as posted by a third party as indicated in the Reduction Event. Provided, however, in no event may any reduction of the performance security instrument result in a final performance security amount balance which is less than 115 % of the funds necessary to complete the roadway improvements project. Further, reductions to the performance security instrument shall occur no more frequently than quarterly during the term hereof. Reduction requests shall be aggregated during each quarter, and implemented by the parties one time during each three-month period. E. For purposes of this Agreement the term "Reduction Event" shall be defined as: (i) Payment of any installment or draw to a contractor or professional in connection with prosecution of the roadway improvements project; or (ii) Payment of any proportionate share contribution of roadway improvement project costs by a participating party as provided below: F. The requirement of a performance security instrument shall terminate upon the earlier of ( 1 ) Payments pursuant to Subsection (E) (ii) above equal 115% of roadway improvement project costs; or (2) DEVELOPER completes performance of the roadway improvement project, pays all applicable parties in full, and the roadway improvements are accepted for maintenance by COUNTY. 4. Model Traffic Concurrencv Analvsis/Pr000rtionate Share Requirements: A. Attached to this Agreement as Exhibit "C" is a Model Oslo 27 Traffic Concurrency Analysis, which has been prepared by DEVELOPER as a preliminary measure to assess and identify: (a)approximate roadway project cost data; and (b) number of additional trips created by roadway project and cost per additional trip; and (c) additional trips attributable to DEVELOPER ' S project, SOUTHERN OAKS CENTER; and (d) DEVELOPER ' S proportionate share of roadway project costs and related 4