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Developer's Bond or Letter of Credit in an approved format in the amount of <br />($ ) prior to the commencement of <br />construction of improvements to guarantee their completion. Said Bond shall <br />be immediately available for the City's use to complete part or all of the <br />construction in a timely and satisfactory manner, as determined by the sole <br />discretion of the City. It shall remain in full force and effect until <br />completion and acceptance of the project based on the sole determination of <br />the City. However, it may be reduced to $ upon the completion <br />of and acceptance by the City of all sanitary sewer, water main, storm <br />sewer and retention ponding, and public streets including the final lift of <br />bituminous. <br />17. Warranty. The Developer warrants all work required to be <br />performed against poor material and faulty workmanship for a period of one <br />(1) year after its final completion and approval by the City. All <br />landscaping including, but not limited to, trees, shrubs, grass seed and <br />sod, shall be warranted to be alive, of good quality and disease free for <br />one (1) year from the time of planting. Any replacements shall be <br />warranted to be alive, of good quality and disease free for one (1) year <br />from the time of planting. The Developer shall post maintenance bonds or <br />other security acceptable to the City to secure the warranties. <br />18. Miscellaneous. <br />a. This Agreement shall be binding upon the parties, there <br />heirs, successors or assigns, as the case may be. The Developer may not <br />assign this Agreement without the written permission of the City. <br />b. Breach of the terms of this Agreement by the Developer shall <br />be grounds for denial of the issuance of any building permit or rescission <br />of any building permit. <br />page 206 <br />