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c. instruments of credit from financial institutions <br /> subject to regulation by state or federal <br /> government, or <br /> <br /> d. bonds of a duly authorized surety company covering <br /> all or a portion of said improvements and said <br /> bonds have been filed with the City Clerk prior to <br /> the execution of this agreement. <br /> <br /> One bond shall be in the amount of 100% of the total <br />estimated cost of the public improvement, conditioned upon <br />faithful performance of this agreement, and one bond in the <br />amount of 100% of the total estimated cost of the work for public <br />improvements shall secure payment for labor and materials. <br /> <br /> Instruments of credit shall be in an amount not less than <br />100% of the total estimated cost of improvements which is as <br />follows: <br /> <br /> $420,000.00 <br /> <br /> In the event of a breach by Developer, City may take over the <br />work and prosecute the same to completion by any method the City <br />deems advisable. Said work shall be for the account and at the <br />expense of the Developer. Developer shall be liable to the City <br />for any excess costs or damages suffered by the City. <br /> <br /> 8. Financing. In the event City and Developer enter a <br />contract upon mutually agreeable terms providing an appropriate <br />reimbursement agreement for said improvements, including streets <br />and easements. <br /> <br /> 9. Defects. Developer shall be liable for defects in <br />workmanship and materials on all of the above described <br />improvements for a period of one (1) year after acceptance and as <br />security for liability against such defects, Developer shall file <br />improvement or maintenance security with the City Clerk, of a <br />type approved by the City Attorney, in the amount of 10% of the <br />total estimated cost set forth above. <br /> <br /> 10. Worker's Compensation. Before commencing work under <br />this contract, Developer shall take out and maintain during the <br />course of this agreement, such worker's compensation insurance as <br />required by the laws of the State of California. If the Acting <br />General Contractor is not the Developer, then the General <br />Contractor will provide the City with the said certificate of <br />worker's compensation insurance prior to start of construction. <br />On failing to do so, the City may procure such insurance for the <br />Developer and the Developer shall pay the cost. <br /> <br /> 11. Hold Harmless Agreement. Developer hereby agrees to, <br />and shall hold City, its elective and appointive Boards, <br />Commissions, officers, agents, and employees, harmless from any <br />liability for damage or claims for damage for personal injury, <br />including death, as well as from claims for property damage which <br />may arise from Developer's contractors', subcontractors', agents' <br /> <br /> - 3 - <br /> <br /> <br />