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requirement has becn made by thc City Council. In the event the permittee has failed to entcr into said agreement and to filc the same along with said bond with the administrator by the expiration of said thirty-day period, the PU D Permit, Final Plat (if any) and approved Final Plan shall be deem cd void, . nullificd and revoked unless an extension is rcquested in writing by the permittce and for good cause granted by the City Council. The development agrcemcnt may provide for several bonds covering scparate aspects of the PUD, the aggregatc of which shall total one hundrcd twcnty- five (125) percent of all the improvements to be constructed and completed by the permittee pursuant to the approved Final Plan, in which casc cach said bond required by such development agreement shall be filed along therewith within the pcriod above- stated. It may also require b'1larantee bonds in the penal sum of one hundred (100) percent of the cost of completed improvements, as estimated by the City Engincer to guarantee such improvcments f()r whatever lengths of time arc specified therein. The releasc of any bond or any portion thereof shall either be govcrned by the terms and provisions of such development agreement or shall be based upon the recommendation of the City Engineer or City Planncr and approval thereofby the City Council. C. Open Space Easemcnts and Covenants. To assure thc City of the continucd maintenance of any open space, recreational areas, common areas and the like which are proposed to bc owned and maintained by a homeowners' association to be formed by the permittee [and that said areas] will not be devotcd to purposes other than those for which they were originally intended, the City Council may require at the time of its approval of the Final Plan or its approval of any final plat required thereby, whichever is later, that the permittee execute . and grant to the city open space casements and covenants, approved by the City Council at the time such requirement is made, which shall be filed by the permittee within thirty (30) days after the City Council has made such requirements. In the event the pcrmittce has failed to execute said open space casements and covenants and to file the same with the administrator by the expiration of said thirty-day period, the PUD Permit, Final Plat, if any and Final Plan shall be deemed to be void, nullified and revoked unless an extension has been required in writing by the permittee and for good cause granted by the City Council. . Section 1320 -- District Provisions Page 3] of32