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the construction and installation of the Dedicated Improvements in the R.O.W. and to comply <br />with all applicable laws. Owner's failure to comply with this Section 2 shall be a material breach <br />of this Agreement. <br />3. Performance Bond <br /> <br />Owner agrees to provide the City with a performance bond for an amount equal to one <br />hundred twenty-five percent (125%) of the construction cost covering all work performed <br />pursuant to this Agreement. <br />4. Maintenance Bond <br /> <br />Owner agrees to provide the City with a maintenance bond equal to ten percent (10%) <br />of the construction cost covering all work performed pursuant to this Agreement, and such bond <br />shall remain in effect for three (3) years after dedication as described in Section 6 below. <br />5. Term <br /> <br />This Agreement shall continue for a period of three (3) years from the Effective Date <br />of this Agreement, or upon the issuance of the relevant occupancy permit(s), whichever <br />occurs last. <br />6. Dedication <br /> <br />The Owner understands the dedication of the Dedicated Improvements to the City is a <br />requirement for occupancy. Upon completion of the construction of the Dedicated <br />Improvements, substantially as depicted in Exhibit A, the Owner shall use its best efforts to <br />work with the City to ensure that the Dedicated Improvements are dedicated to the City in a <br />timely manner. It is understood by Owner that no dedication shall be accepted by the City until <br />all required easements have been conveyed, accepted, and recorded by the City. Additionally, <br />prior to dedication, the following must be satisfied: