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snowplows, and garbage trucks, as determined by the City Engineer in his sole,but <br /> reasonable discretion. <br /> If the Developer is in default of this Agreement as hereinafter defined, in addition to any <br /> other remedy provided by this Agreement, the City may refuse to issue a building/zoning <br /> permit for any lot in the subdivision until Developer cures the default as provided herein. <br /> X. Park Dedication. <br /> A. The parties mutually recognize and agree that park dedication requirements as <br /> provided in City Ordinance shall be satisfied as follows: $14, 040.00. <br /> XI. Insurance. <br /> A. The Developer, or the Developer's contractor, will provide and maintain or <br /> cause to be maintained at all times during the process of constructing the <br /> Developer Improvements until one(1) year after approval of all Developer <br /> Improvements and, from time to time, at the request of the City, furnish proof of <br /> payment of premiums on: <br /> 1. Combined single limit commercial general liability insurance("CGL")policy <br /> of$1,000,000 per occurrence, $2,000,000 aggregate. <br /> 2. Worker's compensation insurance, with statutory coverage. <br /> 3. This provision shall survive the terms of this Agreement. Further, the City <br /> shall be named as an additional insured under the CGL insurance policy of the <br /> Developer, or Developer's Contractor, with coverage provided to the City for <br /> claims arising out of the Developer's ongoing obligations under this <br /> Agreement. Further, the 2004 edition of ISO Additional Insured Endorsement <br /> CG 20 10 is not acceptable. If ISO Additional Insured Endorsement CG 20 10 <br /> is used, then it must be a pre-2004 edition. ' <br /> XII. Security for Cost of Developer Improvements. Developer shall, upon execution of ' <br /> this Agreement, provide City with cash, letter of credit, or a performance bond, with the <br /> form of any non-cash surety to be satisfactory to the City, in the sum of $281,250.00 ' <br /> which is 125%of the cost estimate of the Developer Improvements which cost estimate is ; <br /> in the amount of$225,000.00 The security shall be a guaranty to the City that the j <br /> Developer Improvements will be timely completed to the City's satisfaction and in � <br /> accordance with final plans and specifications as well as the terms of this Agreement. , <br /> T'he Developer shall maintain the cash, letter of credit or performance bond continuously '� <br /> until the Developer Improvements are completed pursuant to this Agreement and all <br /> applicable warranty and guarantee periods have expired. The cash, letter of credit, or <br /> performance bond for Developer Improvements shall be released upon certification of the <br /> City Engineer that such items are satisfactorily completed pursuant to this Agreement and <br /> the applicable warranties and guarantees outlines in this Agreement have expired. To the <br />