Sewer and Water Main Extension Agreement - Extend City Utilities to Fredrickson Commons

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such inspections. The failure of Owner to comply with this Section shall be a material breach of this Agreement. 3. Permits It shall be Owner's sole responsibility and expense to obtain any and all permits associated with the construction and installation of the Dedicated Improvements. 4. Performance Bond Concurrently upon the execution of this Agreement or within seven (7) days thereof, Owner shall provide the City with a performance bond for an amount equal to one hundred twenty—five percent (125%) of the construction cost covering all work performed or to be performed pursuant to this Agreement. Owner's failure to provide the performance bond as prescribed herein shall cause this Agreement to be immediately terminated and of no effect, without the requirement of notice. Surety shall be posted in perpetuity until the acceptance of the Completion Affidavit, Maintenance Bond, and Waiver of Lien. 5. Maintenance Bond Within ten (10) days of City's acceptance of the Dedicated Improvements, Owner shall provide the City with a maintenance bond equal to ten percent (10%) of the construction cost covering all work performed or to be performed pursuant to this Agreement, and such bond shall remain in effect for three (3) years after dedication as described in Section 7 below. 6. Capital Contribution The City acknowledges that a sum of $51,840.00 (fifty-one thousand eight -hundred forty dollars) will be paid for a system development charge (the "SDC") for the Owner's access to the City's