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<br />the Government Code of the State of California. Said improvement security as approved <br />by the City Attorney, shall consist of the following as determined by the City: <br /> <br />a. cash deposit made with the City, or <br /> <br />b. bonds by duly authorized corporate sureties <br />admitted to conduct such business in California, or <br /> <br />c. instruments of credit from financial institutions <br />subject to regulation by state or federal government, or <br /> <br />d. bonds of a duly authorized surety company <br />covering all or a portion of said improvements required herein <br />where a contract for improvements has been let through an <br />assessment district proceeding, and where said bonds have been <br />filed with the City Clerk Drior to the execution of this Agreement, <br />as a part of the existing improvement district proceedings. <br /> <br />One bond shall be in the amount of 100% of the total estimated cost of the work <br />for each stage of development, conditioned upon faithful performance of this Agreement, <br />one bond in the amount of 100% of the total estimated cost of the work for each stage of <br />development shall secure payment for labor and materials, and one bond in the amount of <br />ten percent (10%) of the estimated value of the public improvements to secure <br />maintenance of the improvements for one year following City Council acceptance. <br /> <br />Total estimated cost of improvement is as follows: <br /> <br />$1,795,100.00 <br /> <br />In the event of any breach by Subdivider, City may take over the work and <br />prosecute the same to completion by any method the City deems advisable. Said work <br />shall be for the account and at the expense of the Subdivider. Subdivider shall be liable <br />to the City for any excess costs or damages suffered by the City. The City shall release <br />the faithful performance and labor and materials bonds forty-five days after the <br />recordation of the Notice of Completion. The City shall release the Maintenance Bond <br />one year after the recordation of the Notice of Completion provided all warranty work is <br />acceptable to the City. <br /> <br />8. Financing, In the event City and the Subdivider enter a contract upon <br />mutually agreeable terms providing an appropriate special assessment act for financing <br />and improvement of streets and easements, the City may consent to the following: <br /> <br />a. The inclusion of this tract and other lands within <br />said contracts, and <br /> <br />SUBDIVISION AGREEMENT <br />TRACT NO. 7431, "Busch I Ponderosa Property" <br />Pagd of 8 <br />