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basis, except that model homes may be occupied by sales personnel for marketing and <br /> related purposes. <br /> If the Developer is in default of this Agreement as hereinafter defined, in addition any <br /> other remedy provided by this Agreement, 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 <br /> requirements as provided in City Ordinance shall be satisfied through a <br /> conveyance by the Developer to the City via Warranty Deed, Outlot B, for <br /> municipal park purposes. <br /> XI. Insurance. <br /> A. The Developer will provide and maintain or cause to be maintained at all <br /> times during the process of constructing the Developer Improvements until <br /> one (1) year after acceptance of all Developer Improvements and, from <br /> time to time, at the request of the city, furnish proof of payment of <br /> premiums on: <br /> 1. Combined single limit general liability policy of$1,000,000 per <br /> occurrence, $2,000,000 aggregate. <br /> 2. Worker's compensation insurance, with statutory coverage. <br /> 3. Said insurance shall remain in place as long as any improvements <br /> constructed pursuant to this agreement remain private improvements. <br /> This provision shall survive the terms of this agreement. Further, the <br /> City shall be named as an additional insured under the general liability <br /> policy of the Developer. <br /> B. The Developer shall file a copy of evidence of the insurance coverage <br /> required herein with the City upon execution of this Agreement. The <br /> parties agree that proof of the above-described insurance shall be <br /> provided to the City before any construction pursuant to this Agreement <br /> has commenced. <br /> XII. Security for Cost of Developer Improvements. Developer shall, upon <br /> execution of this Agreement, provide City with cash or letter of credit, with the form of <br /> any non-cash surety to be satisfactory to the City in the sum of ,�, .w <br /> which is 125% of the cost estimate of the Developer Improvements in the amount of <br /> The security shall be a guaranty to the City that the <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 /> The security shall also provide a source of payment for the City for expenses incurred <br /> 7 <br />