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applicable laws. Owner's failure to comply with this Section 3 shall be a material breach of this <br />Agreement. <br />4. Performance Bond <br />Concurrently upon the exeCLItiOn Of this Agreement or Nvithin seven (7) days thereof, Owner <br />shall provide the City with a performance bond for an amount equal to $45,000 to cover any <br />potential damage to the R.O.W. Owner's failure to provide the performance bond as prescribed <br />herein shall cause this Agreement to be immediately terminated and of no effect, without the <br />requirement of notice. <br />A --fff—d .9 ursuant te tlq- <br />I- - -M- <br />6. Term <br />Except as otherwise provided herein, this Agreement shall continue for a period of eight (8) <br />months From the Effective Date of this Agreement, Or upon final acceptance of the US-3 I ByPass <br />reconstruction and Brick Road pavement replacement, whichever occurs last. <br />7. Dedication <br />Upon completion of the construction of the Dedicated Improvements, substantially as <br />depicted in Exhibit A, the Owner shall use its best efforts to work with the City to ensure that the <br />Dedicated Improvements are dedicated to the City in a timely manner. It is understood by Owner <br />