SFI PLEASANTON LLC 15-1413 - Laserfiche WebLink

filed with the City Clerk prior to the execution of this Agreement, as a part of the existing improvement district proceedings. Pursuant to Government Code section 66499.3, the improvement security shall consist of: one bond (or other form of security) 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 (or other form of security) 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 (or other form of security) in the amount of ten percent (10%) of the estimated value of the public improvements to secure maintenance of the improvements in case of defective workmanship or materials for one year following City Council acceptance. Total estimated cost of improvements is as follows: $630,550 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. To the extent that the cost of the City's remedial work exceeds the amount of the Subdivider's improvement security, 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 thirty-five days after the City's recordation of the Notice of Completion if no Stop Notices or claims are outstanding. Per Government Code section 66499.9, the City shall release the security for defective workmanship or materials one year after the recordation of the Notice of Completion provided all warranty work is acceptable to the City. 7. Financing. In the event City and the Subdivider enter a contract upon mutually agreeable terms providing an appropriate special assessment act for financing and improvement of streets and easements, the City may consent to the following: A. The inclusion of this tract and other lands within said contracts, and B. The release of improvement security as defined in Section 66499 of the Government Code, where the assessment contract has filed surety bonds for said improvements. 8. Defects. As set forth in Section 6, 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 Subdivision Agreement: Parcel Map 10287, Rosewood Commons Page 3 of 7