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inspections. The failure of Owner to comply with this Section shall be a material breach of this <br />Agreement. <br />4. Permits <br />It shall be Owner's sole responsibility and expense to obtain all permits associated with the <br />construction and installation of the Dedicated Improvements in the R.O.W. and to comply with all <br />applicable laws. Owner's failure to comply with this Section shall be a material breach of this <br />Agreement. <br />5. 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. <br />6. 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 8 below. <br />