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DRAFT development agreement with the City and a corporate surety bond 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 i.with said bond with the administrator by the expiration of said thirty d .�period, the PUD Permit, Final Plat (if any) and approved Final Plan, fall be deemed void, nullified and revoked unless an extension is requested n.writing by the applicant and for good cause granted by the ity Councii. The development agreement may provide for several fonds=:coverin separate aspects of the PUD, the aggregate of which mall total one hundred twenty-five (125) percent of all the improvements to be constructed and '*"0 npleted by the applicant pursuant to the.appoed Final_Plan, in which cage each said bond required by such develoent agreement shall be filed along ........ therewith within the period above ... st&.%",d. It may also require guarantee bonds in the penal.,sum of one hundred (100) percent of the cost of completed improvenents as estimated by tie City Engineer to guarantee such improvements fox whatever lengths of tine are specified therein. The release of any bond or any portidn hereof shall either be governed by the terms and provisions of such develapn�ent agreement or shall be based upon tie recommendation of the C1ty Engineer or City Planner and approval hereof by the City Council. C. open Spice Easements end Covenants. To assure the City of the continued mntcrice 4f:any open space, recreational areas, common areas and the like which are ro osed to be owned and maintained b a -proposed Y homeowners. association to be formed by the applicant [and that said are .s will not be devoted to purposes other than those for which they . .... .. were o ginally ntended, the City Council may require at the time of its approval of the PUD Final Plan or its approval of any final plat required thereb whichever is later, that the applicant execute and grant to the city open space easements and covenants, approved by the City Council at the timeXiisuch requirement is made, which shall be filed by the applicant within thirty (30) days after the City Council has made such requirements. In the event the applicant has failed to execute said open space easements 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 applicant and for good cause granted by the City Council. DRAFT:3/10/2010 Page 14 of 14