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the amount necessary to satisfy such lien or claim pending resolution thereof. The City may use such deposit to satisfy any claim or lien that is adversely determined against Developer. Developer shall file a valid notice of cessation or notice of completion upon cessation of construction work on the Property for a continuous period of thirty (30) days or more, and shall take all other reasonable steps to forestall the assertion of claims or liens against the Property. The City may (but has no obligation to) record any notices of completion or cessation of labor, or any other notice that the City deems necessary or desirable to protect its interest in the Property. 4.19 Performance and Payment Bonds. Prior to commencement of construction work on the Project, Developer shall cause its general contractor to deliver to the City copies of payment bond(s) and performance bond(s) issued by a reputable insurance company licensed to do business in California, each in a penal sum of not less than one hundred percent (100 %) of the scheduled cost of construction of the Project. The bonds shall name the City as co- obligee. In lieu of such performance and payment bonds, subject to City's approval of the form and substance thereof, Developer may submit evidence satisfactory to the City of the contractor's ability to commence and complete construction of the Project in the form of an irrevocable letter of credit, pledge of cash deposit, certificate of deposit, or other marketable securities held by a broker or other financial institution, with signature authority of the City required for any withdrawal, or a completion guaranty in a form and from a guarantor acceptable to City. Such evidence must be submitted to City in approvable form in sufficient time to allow for City's review and approval prior to the scheduled construction start date. 4.20 Insurance Requirements. Developer shall maintain and shall cause its contractors to maintain all applicable insurance coverage specified in Article X . 4.21 Effectiveness. Developer shall have no obligations under this Article IV if Developer does not acquire the Property pursuant to this Agreement. ARTICLE V Intentionally omitted. ARTICLE VI USE OF THE PROPERTY 6.1 Use. Developer covenants and agrees for itself and its successors and assigns that if Developer acquires the Property pursuant to this Agreement, the Property shall be used for a retail development consistent with the Conditions of Approval for the Project and the City's Zoning Ordinance. 6.2 Maintenance. Developer shall at its own expense, maintain the Property, including the landscaping and common areas in good physical condition, in good repair, and in decent, safe, and sanitary conditions in conformity with all applicable state, federal, and local laws, ordinances, codes, and regulations. Without limiting the foregoing, Developer agrees to 1875524.3 17