Whenever it is not practically possible for the construction of sidewalk and curb to be completed prior to the occupancy of the structure, the City may accept sufficient security in the form of cash or bond deposited with the City to cover the estimated cost of completing construction of the curb and sidewalk. This security shall be forfeited to the City in the event the curb and sidewalk are not completed within 90 days of the deposit being accepted. Thirty-day extensions may be granted if the applicant demonstrates that there were reasons beyond his control for failure to complete construction within the time allowed. Completed construction must pass all City inspections and meet all City standards. The deposit shall be used by the City to pay the costs of completing the construction of the curb and sidewalk to meet City standards and to pass City inspection. The City does not warrant that the amount accepted as security necessarily will be sufficient to pay the full costs of construction by accepting the deposit. The City does not waive any other remedies it may have to collect the costs of completing the construction by accepting the deposit. Costs to the City in excess of the deposit shall become a lien against the property as provided in Chapter 12.08 PMC. The applicant for the building permit shall execute an agreement to the City on the terms as provided by this section.