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Engineer (or her designee) in her sole discretion, as a result of such inspections. The failure of <br />Owner to comply with this Section shall be a material breach of this Agreement. <br />3. Permits <br />It shall be Owner's sole responsibility and expense to obtain any and all permits associated <br />with the construction and installation of the Dedicated Improvements. <br />4. Performance Bond <br />Concurrently upon the execution of this Agreement or within seven (7) days thereof, Owner <br />shall provide the City with a performance bond for an amount equal to one hundred twenty—five <br />percent (125%) of the construction cost covering all work performed or to be performed pursuant <br />to this Agreement. Owner's failure to provide the performance bond as prescribed herein shall <br />cause this Agreement to be immediately terminated and of no effect, without the requirement of <br />notice. Surety shall be posted in perpetuity until the acceptance of the Completion Affidavit, <br />Maintenance Bond, and Waiver of Lien. <br />5. Maintenance Bond <br />Within ten (10) days of City's acceptance of the Dedicated Improvements, Owner shall <br />provide the City with a maintenance bond equal to ten percent (10%) of the construction cost <br />covering all work performed or to be performed pursuant to this Agreement, and such bond shall <br />remain in effect for three (3) years after dedication as described in Section 7 below. <br />6. Capital Contribution <br />Simultaneously with the execution of this Agreement, the Owner shall pay the City a sum <br />of two hundred seventy-two thousand six hundred forty-six dollars and 00/100 ($272,646.00) for <br />