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F. "Performance Bond" means a payment and performance bond in <br /> favor of the City for the construction of improvements in a bond form reasonably <br /> acceptable to the City and issued by a surety listed in the U.S. Department of Treasury's <br /> Listing of Approved Sureties (Department Circular 570) or other surety acceptable to the <br /> City in the City's sole discretion, accompanied by a power of attorney for the surety's <br /> representative empowered to sign the bond. <br /> 2. Construction of Public Access Shoreline Improvements/Use <br /> Restriction <br /> A. Construction and Deadline. Grantor agrees and covenants to <br /> construct the Public Access Shoreline Improvements in accordance with this Covenant no <br /> later than twenty (24) months after issuance of the First Property Non-Water Development <br /> Permit. Unless otherwise approved by the City (which approval may be withheld at the <br /> City's sole discretion and which approval must reference this Section 2.A in order to be <br /> effective), the Public Access Shoreline Improvements shall be completely within the <br /> Easement Area. Grantor shall construct the Public Access Shoreline Improvements so <br /> that the Public Access Shoreline Improvements provide for connection to public access <br /> improvements on neighboring lots, to provide for continuity and avoid dead-ends. <br /> In addition to the Public Access Shoreline Improvements, Grantor shall <br /> simultaneously construct the buffer and landscaping surrounding the Public Access <br /> Shoreline Improvements in accordance with applicable shoreline permit requirements. In <br /> general, the buffer must be a minimum 50 foot wide strip along the entire shoreline, and <br /> must contain trees, shrubs and other plantings by Grantor as specified by the City. A <br /> schematic sketch of the buffer and the Public Access Shoreline Improvements is attached <br /> as Exhibit B. Additional information regarding the required buffer is available from the <br /> City of Everett Planning Department. <br /> B. Performance Bond. Grantor acknowledges and agrees that the City <br /> may, unless the Public Access Shoreline Improvements are already completed, refuse to <br /> issue any Property Non-Water Development Permit unless Grantor has delivered to the <br /> City a Performance Bond for the completion of the Public Access Shoreline <br /> Improvements. The Performance Bond must remain in effect until the completion of the <br /> Public Access Shoreline Improvements. If the Performance Bond will expire prior to the <br /> completion of the Public Access Shoreline Improvements, then at least ninety(90) days <br /> prior to the date of such expiration Grantor shall substitute the Performance Bond with <br /> another Performance Bond meeting the requirements of this Covenant and deliver evidence <br /> thereof to the City. Failure to substitute the Performance Bond and deliver such evidence <br /> by such date shall, among other defaults, constitute a default for which City may <br /> immediately enforce the entire existing Performance Bond. If the Public Access <br /> Improvements are not completed in accordance with this Covenant within twenty-four(24) <br /> months after the issuance of the First Property Non-Water Development Permit, then the <br /> Public Access Covenant and Agreement Page 3 <br />