62-72 Performance and Maintenance Requirements
(a) Performance and maintenance
(1) The property owner shall be responsible for the completion and maintenance of all required waterfront public access areas on the zoning lot. No certificate of occupancy shall be issued until all required waterfront public access area improvements are completed except as otherwise provided in a phasing plan pursuant to Sections 62-811 (Waterfront public access and visual corridors) or 62-822 (Modification of waterfront public access area and visual corridor requirements).
(2) To ensure the maintenance of the waterfront public access areas, prior to obtaining any certificate of occupancy, the property owner shall post security in the form of a maintenance bond, letter of credit or other security acceptable to the Department of Parks and Recreation (DPR), with the DPR in an amount certified by a registered architect or landscape architect to be sufficient to cover 125 percent of the cost of maintaining the waterfront public access areas for a 12 month period following final completion of such waterfront public access areas. The security shall be replaced every five years with a new security in an amount sufficient to cover 125 percent of the current annual cost of maintaining the waterfront public access areas, as certified by a registered architect or landscape architect. The security shall be in effect for the life of the development.
(b) Maintenance and liability
Any declaration by the owner, its successor or assigns, or agreement between the owner, its successor or assigns, and the City of New York, provided in accordance with Section 62-74 (Requirements for Recordation) regarding the maintenance and operation of a required waterfront public access area as established in Section 62-52 (Applicability of Waterfront Public Access Area Requirements), shall provide that:
(1) the owner, its successor or assigns, will construct and be responsible for ordinary maintenance and repair of all such areas;
(2) the City will indemnify and defend the owner, its successor or assigns, for judgments resulting from litigation of claims of personal injury on such areas in accordance with reasonable provisions and procedures in the declaration and the maintenance and operation agreement, provided that the owner, its successor or assigns, has fully complied with the design and maintenance requirements set forth in this Resolution and the maintenance and operation agreement; and
(3) in the event such areas are destroyed or substantially damaged as a result of flood, storm, fire or other acts of God, reconstruction shall be the responsibility of the City, provided that such destruction or damage is not the result of the negligence of the owner, or of the owner's failure to construct or maintain such areas in accordance with the provisions of this Resolution and the maintenance and operation agreement.