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7. Related Contracts and Proceedings. Any prior contracts between City and Subdivider and any prior approvals by City staff, Commissions or Council of City shall not be affected by the provisions of this Agreement unless specific modification is set forth herein. 8. Security. On signing this Agreement, the Subdivider shall present to the City and file with the City Clerk, improvement security as defined in Section 66499 of the California Government Code. Said improvement security as approved by the City Attorney, shall consist of the following as determined by the City: A. Cash deposit made with the City, or B. Bonds by duly authorized corporate sureties admitted to conduct such business in California, or C. Instruments of credit from financial institutions subject to regulation by state or federal government. One bond shall be in the amount of 100% of the total estimated cost of the work for each stage of development, conditioned upon faithful performance of this Agreement, one bond in the amount of 100% of the total estimated cost of the work for each stage of development shall secure payment for labor and materials, and one bond in the amount of ten percent (10 %) of the estimated value of the public improvements to secure maintenance of the improvements for one year following City Council acceptance. Total estimated cost of improvement is as follows: $ 1,083,000 In the event of any breach by Subdivider, City may take over the work and prosecute the same to completion by any method the City deems advisable. Said work shall be for the account and at the expense of the Subdivider. Subdivider shall be liable to the City for any excess costs or damages suffered by the City. The City shall release the faithful performance and labor and materials bonds forty -five days after the recordation of the Notice of Completion if no Stop Notices or claims are outstanding. The City shall release the Maintenance Bond one year after the recordation of the Notice of Completion provided all warranty work is acceptable to the City. 9. Defects. Subdivider shall be liable for defects in workmanship and materials on all of the above described improvements and, as security for liability against such defects, Subdivider shall file improvement or maintenance security with the City Clerk, of a type approved by the City Attorney, in the amount of ten (10) percent of the total estimated cost set forth above for a period of one (1) year after City Council acceptance. 10. Workers' Compensation. Before commencing work under this contract, Subdivider shall take out and maintain during the course of this Agreement, such worker's compensation insurance as required by the laws of the State of California. If the Acting General Contractor is Subdivision Agreement - Tract 8112 Page 3 of 7