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3 04 9.11 Landscape Letter of Credit. Prior to the issuance of a grading, excavation, foundation, 305 and/or building permit, the DEVELOPER shall provide the CITY with a landscape letter 3 0 6' of credit,, bond,, or other security covering a minimum of one full growing 307 season/calendar year which is acceptable to the City in an amount up to 150% as 308 determined by the Community Development Director or designee) of the full cost of all 309 landscaping, irrigation, and fencing. 310 311 10.0 DEVELOPER DEFAULT: 312 1(x.1 For purposes of this AGREEMENT, the failure of the DEVELOPER to perform any 313 covenant,, obligation or agreement of the DEVELOPER hereunder, and the continuance 314 of such failure for a period of thirty (30) days after written notice thereof from the City 315 shall constitute a DEVELOPER default hereunder. Within the sixty (60) day period after 316' notice is given, a request may be made for a hearing (by either party) to be held before 317 the City Council to determine if a default has occurred. Upon the occurrence of 318 DEVELOPER default and failure to cure,, the City may withhold any certificate of 319 occupancy for improvements proposed to be constructed. 320 321 10.2 Notwithstanding anything herein to the contrary,, the DEVELOPER may convey a parcel 322 or parcels of land within the subject property to a third party, and the conveyed parcels 323 shall remain subject to all of the terms of this PUD AGREEMENT specifically relating to 324 said parcels. In that case, the parties agree as follows.- 325 3 2 6' a. A default by the DEVELOPER, or its successors in interest, in the performance of 327 the obligations hereunder, will not constitute a default with regard to the 328 conveyed parcel and will not entitle the CITY to exercise any of its rights and 329 remedies hereunder with respect to such conveyed parcel, so long as the owner of 330 the conveyed parcel otherwise complies with applicable provisions of this PUD 331 AGREEMENT. 332 333 b. A default with regard to a conveyed parcel will not constitute a default with 334 regard to the parcels retained by the DEVELOPER or other conveyed parcels, so 335 long as such retained or other conveyed parcels otherwise comply with applicable 3 3 6' provisions of this AGREEMENT. 919M A 4WW§1W3 339 11.1 This AGREEMENT shall be binding upon the parties, their heirs, successors,, tenants,, or 3 4 O assigns, as the case may be. 341 3 4 2 11.2 Breach of any material term of this AGREEMENT by the DEVELOPER shall be 3 4 3 grounds for denial of building permits, except as otherwise provided in Section 10.0. 344 1001