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Agreement. 15. Financial Security. The Developer shall furnish the City with a Developer's Bond or Letter of Credit in an approved format in the amount of Two Hundred Thousand and No /100 Dollars ($200,000.00) to guarantee Developer's completion of all improvements and compliance with this Agreement. Said surety shall be immediately available for the City's use to complete part or all of the construction in a timely and satisfactory manner, as determined by the sole discretion of the City. It shall remain in full force and effect until completion and acceptance of the project based on the sole determination of the City. After the completion of all improvements including the first lift of asphalt on driveway and parking areas, but not including signage, the surety may be reduced to Twenty - five Thousand and no /100 dollars ($25,000.00) pending final completion of all improvements. 16. Warranty. The Developer warrants all work required to be performed against poor material and faulty workmanship for a period of one (1) year after its final completion and approval by the City. All Landscaping including, but not limited to, trees, shrubs, grass seed and sod, shall be warranted to be alive, of good quality and disease free for twelve (12) months from the time of planting. Any replacements shall be warranted to be alive, of good quality and disease free for twelve (12) months from the time of planting. The Developer shall post maintenance bonds or other security acceptable to the City to secure the warranties. 17. Miscellaneous. a. This Agreement shall be binding upon the parties, their heirs, successors or assigns, as the case may be. The Developer may not assign this Agreement without the written permission of the City. b. Breach of the terms of this Agreement by the Developer shall be grounds for denial of the issuance of any building permit or rescission of any building permit, or issuance of any certificate of occupancy. c. If any portion, section, subsection, sentence, clause, paragraph, or phrase of this Agreement is for any reason held invalid, such decision shall not affect the validity of the remaining portions of this Agreement. d. The action or inaction of the City shall not constitute a waiver or amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in writing, signed by the parties and approved by II: \KrisP \COI2RISP \Kris' 2002 \LC Office Park Development Contract.doc -6- PAGE 13