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DRAFT <br /> development agreement with the City and a corporate surety bond <br /> guaranteeing the faithful performance of the applicant's obligations under <br /> said development agreement, and in completion of all improvements <br /> provided for in said PUD Final Plan in a penal sum equal to one hundred <br /> twenty-five (125) percent of the cost of such improvements as estimated <br /> by the City Engineer, which agreement and bond shall be filed with the <br /> administrator no later than thirty(30)days after such requirement has been <br /> made by the City Council. In the event the applicant has failed to enter <br /> into said agreement and to file the same along with said bond with the <br /> administrator by the expiration of said thirty day period, the PUD Permit, <br /> Final Plat (if any) and approved Final Plan sIhall be deemed void, nullified <br /> and revoked unless an extension is requested in writing by the applicant <br /> and for good cause granted by the city Council. The development <br /> agreement may provide for several bonds covering separate aspects of the <br /> PUD, the aggregate of which shall total one hundred twenty-five (1 25) <br /> percent of all the improvements to be constructed and completed by the <br /> applicant pursuant to the approved Final Plan, in which case each said <br /> bond required by such development, agreement shall be filed along -- <br /> therewith within the period above-stated. It may also require guarantee <br /> bonds in the penal sum of one hundred (100) percent of the cost of <br /> completed improverents, as estimated by the City Engineer to guarantee <br /> such improvements fir whaever lengths of time are specified therein. The <br /> release of any bond or.any port*on.thereof shall either be governed by the <br /> terms and provisions of such development agreement or shall be based <br /> upon the recommendati M of the City Engineer or City Planner and <br /> approval thereof by the Cit Council. <br /> C. open Space .Easements and Covenants. To assure the City of the <br /> continued maitite'n of any open space, recreational areas, common <br /> areas and the like which are proposed to be owned and maintained by a <br /> homeowners' association to be formed by the applicant [and that said <br /> areas] will not be devoted to purposes other than those for which they <br /> were originally'ntended, the City Council may require at the time of its <br /> approval of the PUD Final Plan or its approval of any final plat required - <br /> thereby, whichever is later, that the applicant execute and grant to the city <br /> open space easements and covenants, approved by the City Council at the <br /> t*me such requirement is made, which shall be filed by the applicant <br /> within thirty (30)days after the City Council has made such requirements. <br /> In the event the applicant has failed to execute said open space easements <br /> and covenants and to file the same with the administrator by the expiration <br /> of said thirty-day period, the PUD Permit, Final Plat, if any and Final Plan <br /> shall be deemed to be void, nullified and revoked unless an extension has <br /> been required in-writing by the applicant and for good cause granted by <br /> the City Council. <br /> DRAFT:3/23/2010 <br /> Page 14 of 14 <br />