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DRAFT DRAFT: 6/3/2010 Page 50 of 50 approved PUD Final Plan. In this case, each bond required by the development agreement shall be filed no later than sixty (60) days after PUD Final Plan approval. 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 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 the development agreement or shall be based upon the recommendation of the City Engineer or City Planner and approval by the City Council. 3. If the applicant fails to enter into a development agreement and to file the corporate surety bond with the administrator by the expiration of the sixty day period, the PUD Permit, Final Plat (if any) and approved PUD 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. E. Park and Open Space Dedication and Covenants. 1. To ensure that any park, open space, recreational areas, common areas and the like that are proposed to be owned and maintained by a homeowners' association, business improvement district, or other similar association are properly maintained for their approved uses, the City Council may require that the applicant execute and grant to the City easements and covenants over such areas within sixty (60) days after the City Council has made such requirements. 2. If the applicant fails to execute the open space easements and covenants and to file the same with the administrator by the expiration of the sixty (60) 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.