An agreement shall be executed by the subdivider and owner with the City in a form ready for acceptance by Council containing a restriction upon the plat whereby the City's Building Official will not be permitted to issue a building permit for any structure upon any lot within such subdivision until the improvements specified in these Subdivision Regulations have been completed or until satisfactory arrangements have been made with the City for their completion as provided for in Section 1246.03. These restrictions shall be made part of the plat restrictions of Section 1246.02.