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DRAFT <br /> constructed as part of the approved PUD Final Plan are completed in <br /> accordance with the terms and conditions of such plan, or each phase <br /> thereof as outlined in the construction order component,. the City Council, <br /> at the time of its approval of said PUD Final Plan and related plats may <br /> require the applicant to enter into and file with the administrator a <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 shall 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 (125) <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 improvements, as estimated by the City Engineer to guarantee <br /> such improvements for whatever lengths of time are specified therein. The <br /> release of any bond or any portion thereof shall either be governed by the <br /> terms and provisions of such development agreement or shall be based <br /> upon the recommendation of the City Engineer or City Planner and <br /> approval thereof by the City Council. <br /> C. Open Space Easements and Covenants. To assure the City of the <br /> continued maintenance 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 intended, the City Council may require at the time of its <br /> approval of the PUD Final Plan or its approval of any foal 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 /> time such requirement is made, which shall be fled 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 /> DRAFT.4/1/2010 <br /> Page 15 of 16 <br />