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7. 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, and such <br />bond shall remain in effect for three (3) years after dedication as described in Section 8 below. <br />8. Term <br />Except as otherwise provided herein, this Agreement shall continue for a period of sixteen (16) <br />months from the Effective Date of this Agreement, or upon the issuance of the relevant occupancy <br />permit(s), whichever occurs last. <br />9. Dedication <br />Upon completion of the construction of the Dedicated Improvements substantially as <br />depicted in Exhibit A, the Owner shall also convey an easement and dedicate to the City within <br />such easement the Dedicated Improvements as public infrastructure. It is understood by the Owner <br />that no dedication shall be accepted by the City until all required easements have been conveyed, <br />accepted, and recorded by the City. The Owner shall use its best efforts to work with the City to <br />ensure that the Dedicated Improvements are dedicated to the City in a timely manner. Upon <br />dedication of the Dedicated Improvements, the Owner and the City shall work together to vacate <br />existing easements for the abandoned water main. <br />Additionally, prior to dedication, the following must be satisfied with regard to the Dedicated <br />Improvements: <br />a. All parts and labor must meet the standards and requirements stated in the design <br />specifications as presented to and accepted by the City's Engineering Department.