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Consultant's billings as correct and in accordance with the requirements of this <br /> Agreement. <br /> d) Each of the monthly reports described in Exhibit A. <br /> 2. City and Agency will make payment of the approved amounts within <br /> twenty (20) days of receipt of a complete request for compensation and reimbursement <br /> from Developer including all documents required by the City and Agency. The monthly <br /> payment will include: <br /> a) Ninety percent (90%) of the City Portion of the Cost of the Work <br /> that City and Agency agree is completed and in place, plus <br /> b) Ninety percent (90%) of the City Portion of the value of materials <br /> delivered and stored at the Project Site in a manner acceptable to City and <br /> Agency and subject to a Security Agreement and UCC-1 filing if required by City <br /> and Agency, plus <br /> c) A portion of Developer's Fee in an amount equal to three percent <br /> (3%) of the City portion of the Cost of the Work completed and in place and <br /> approved for payment. <br /> 3. City and Agency will release the ten percent (10) of the Cost of the <br /> Work withheld during the course of construction no less than thirty five (35) days after <br /> the City and/or Agency record a Notice of Completion for the Streetscape Improvements <br /> and Street Modifications. Provided that Developer, Contractors and Consultants are <br /> making satisfactory progress with the Services, City and Agency may, in their sole <br /> discretion, agree to reduce retention withheld for individual subcontractors at an earlier <br /> time, provided, however that City and Agency shall withhold an amount equal to at least <br /> five percent (5%) of the Cost of the Work completed and in place. As a condition to any <br /> reduction in retention, Developer shall provide City and Agency with written consent to <br /> the release of any retained funds by the surety or sureties of the Contractor and <br /> subcontractor to be paid. When the City, Agency and Developer have agreed that the <br /> Services are substantially complete, the City and Agency may, at their sole discretion, <br /> release the remaining retained funds excess of an amount equal to One Hundred and <br /> Fifty percent (150%) of value of any remaining complete or disputed work as shown on <br /> the list attached to the Notice of Substantial Completion. Those funds will be released <br /> s <br /> 840847v8 33786/0001 <br />