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, • <br /> 2. Issuance of Buildin Permit for Pro e Im roveme ts: The City agrees to issue a building permit <br /> for the Property Improvements at this time, subject t conformance with all current City standards <br /> and ordinances for all applicable work. <br /> 3. Septic System U� ra�de�. In accordance with the o dinances and requirements of the City, the <br /> Property Owner hereby agrees to complete the requi ed replacement of the septic system no later <br /> than August 31, 2008 (the "Completion Date"). <br /> 4. Septic Svstem U�grade Installation: The design locat on,construction, installation and materials for <br /> septic system upgrade shall be in accordance with e plans and specifications approved by the <br /> City. <br /> 5. Performance Deposit: For the purposes of assuring o the City that the Septic Improvements will <br /> be completed according to the terms of this agree ent, the Property Owner has deposited with <br /> the City at the time of the execution of this agree ent a certified check satisfactory to the City <br /> providing that the City is able to cash the check i its sole discretion to complete the Septic <br /> Improvements if the Property Owner fails to sat sfactorily complete the work prior to the <br /> Completion Date. City shall return the check to Pr perty Owner upon final inspection approval <br /> of the Septic Improvements. <br /> 6. Binding Effect: The terms and provisions hereof sh 11 be binding upon and inure to the benefit of <br /> the heirs,representatives, successors and assigns of t e parties hereto and shall be binding deemed <br /> covenants running with the land. References herein o Property Owner, if there be more than one, <br /> shall mean each and all of them. This agreement s all be executed by the Property Owner and <br /> City and shall be placed of record so as to give otice hereof to subsequent purchasers and <br /> encumbrancers of all or any part of the property, a d all recording fees, if any, shall be paid by <br /> the Property Owner. <br /> 7. Notices: Whenever in this agreement, it shall be re uired or permitted that notice or demand be <br /> given or served by either party to this agreement to r on the other party, such notice or demand <br /> shall be delivered personally or mailed by United S ates certified mail (return receipt requested) <br /> to the addresses set forth below. Such notice or emand shall be deemed timely given when <br /> delivered personally or when deposited in the m il in accordance with the above. <br /> Page 2 of <br />