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such inspections. The failure of Owner to comply with this Section shall be a material breach of <br />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 provide <br />the City with a maintenance bond equal to ten percent (10%) of the construction cost covering all <br />work performed or to be performed pursuant to this Agreement, and such bond shall remain in <br />effect for three (3) years after dedication as described in Section 7below. <br />6.Capital Contribution <br />TheCityacknowledgesthatasum of$51,840.00(fifty-one thousand eight-hundred forty dollars) <br />willbe paid for asystem development charge (the "SDC") for the Owner's access to the City’s <br /> <br />