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2.04 Easements: Before approval of the final plat, and at anytime determined necessary by the City therefore, the Developer shall dedicate to the City, at no cost, all temporary easements necessary for the construction of the Improvements as determined by the City. All such easements required by the City shall be provided on City easement documents, containing such terms and conditions, as the City shall determine. All permanent easements necessary for the installation and maintenance of the Improvements shall be shown on the final plat and be granted to the City upon recordation of said plat. After recordation of said plat, the Developer shall provide on an amended final plat to the City, additional easements necessitated by changes to utility or grading design and such easements shall be granted to the City upon recordation of said plat. 2.05. Time for Developer's Performance: General Provision. The Developer agrees that it will commence work on the Improvements no later than 30 days after the date of the City issuing the permits and shall complete the Improvements no later than eighteen (18) months after the date of permit issuance. In the event of a “phased” construction schedule, each phase shall be subject to its own timeline based upon the date of issuance of the building permit. The City may, at its discretion, extend the timeline specified in this Section 2.03 upon receipt of written notice from the Developer of the existence of causes that will delay the completion of the Improvements if such causes are ones over which the Developer has no control and which could not have been reasonably foreseen by the Developer. If the City grants an extension of the date of completion of the Improvements, the Developer must continue the performance bond required by this Agreement to cover the work during the extension of time. 2.06. Additional Work or Materials. Construction of the Improvements shall be done by the Developer. The Improvements shall be constructed at no expense to the City. The Developer shall not do any work or furnish any materials for which reimbursement is expected from the City, unless such work is first ordered and reimbursement is approved by the City. Any work or materials that is done or furnished by the Developer without prior written order is furnished at the Developer’s risk, cost and expense, and the Developer agrees that it will make no claim for compensation for work or materials so done or furnished. 2.07. Financial Guarantee. Prior to commencement of construction of the Improvements, the Developer agrees to furnish the City a performance bond, certified check, certificate of deposit, irrevocable letter of credit from a bank or cash escrow in the amount of $20,000 to guarantee construction of the Improvements and satisfaction of this Agreement (the “Financial Guarantee”), as determined by the Director of Public Works. Upon failure of Developer to perform, the City may declare the Developer to be in default under this Agreement and, upon failure of the Developer to cure the default within 30 days of written notice, may demand the Financial Guarantee be paid over to the City. From the proceeds of the Financial Guarantee, the City shall be reimbursed for any attorneys’ fees, engineering fees or other technical, administrative or professional assistance, and the remainder thereof shall be used by the City to complete the Improvements. The Developer shall be liable to the City in the event that the Financial Guarantee is inadequate to reimburse the City for its costs and pay for the completion of the Improvements. The bank and form of Financial Guarantee shall be subject to the approval of the City. The Financial Guarantee shall be automatically renewable until the City releases the Developer from responsibility. The Financial Guarantee shall secure compliance with the terms of this Agreement and all obligations of the Developer under it. The City may draw down on the Financial Guarantee without 9