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DRAFT administrator. In addition to this documentation, a written statement that the Final Plan is in conformity with the PUD Master Plan as approved by the Council. B. Development Agreement and Bonding to Assure Performance and Conformance to PUD Final Plan_ To assure that all improvements to be constructed as part of the approved PUD Final Plan are completed in accordance with the terns and conditions of such plan, or each phase thereof as outlined in the construction order component, the City Council, at the time of its approval of said PUD Final Plan and related plats may require the applicant to enter into and file with the administrator a development agreement with the City and a corporate surer bond � y guaranteeing the faithful performance of the applicant's obligations under said development agreement, and. in completion of all improvements provided for in said PUD Final Plan in a penal sum equal to one hundred twenty-five (125) percent of the cost of such improvements as estimated by the City Engineer, which agreement and bond shall be filed with the administrator no later than thirty (30) days after such requirement has been made by the City Council. In the event the applicant has failed to enter into said agreement and to file the same along with said bond with the administrator by the expiration of said thirty -day period, the PUD Permit, Final Plat (if any) and.. approved Final Plan shall be deemed void, nullified and revoked unless an extension is requested in writing by the applicant and for good cause granted by the City Council. The development agreement may provide for several bonds covering separate aspects of the PUD, the aggregate of which shall total one hundred ve fi - twent 125 y � ) percent of all the improvements to be constructed and completed b the p y applicant pursuant to the approved Final Plan, in which case each said bond required by such development agreement shall be filed along therewith within the period above -stated. It may also require guarantee bonds in the penal sum of one hundred (100)percent of the cost of completed improvements, as estimated by the City Engineer to guarantee g such improvements for whatever lengths of time are specified therein. The release of any bond or any portion thereof shall either be governed by the terms and provisions of such development agreement or shall be based upon the recommendation of the City Engineer or City Planner and approval thereof by the City Council. C_ Open Space Easements and Covenants. To assure the City of the continued maintenance of any open space, recreational areas, common areas and the like which are proposed to be owned and maintained by a homeowners' association to be formed by the applicant [and that said areas] will not be devoted to purposes other than those for which they were originally intended, the City Council may require at the time of its approval of the PUD Final Plan or its approval of any final plat required thereby, whichever is later, that the applicant execute and grant to the city DRAFT. 2/25/2010 Page 11 of 12