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Upon the approval by the City Council of the final map, the subdivider shall execute and file an agreement between himself and the city, specifying the period within which he or she or his or her agent or contractor shall complete all improvement work to the satisfaction of the city engineer, and providing that if he or she shall fail to complete such work within such period, the city may complete the same and recover the full cost and expense thereof from the subdivider. The agreement may also provide as follows:
A. For the construction of the improvements in units;
B. For an extension of time under conditions therein specified;
C. For the termination of the agreement upon the completion of proceedings under an assessment district act for the construction of improvements deemed by city engineer to be at least the equivalent of the improvement specified in said agreement and required to be constructed by the subdivider; and
D. For progress payments.
(Ord. 89 § 4.7(part), 1955).