RES 88140 - Laserfiche WebLink

provisions of this agreement unless specific modification is set forth herein. 7. Security. On signing this agreement, the Developer shall present to the City and file with the City Clerk, improvement security as defined in Section 66499 of the Government Code of the State of California. 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, or c. instruments of credit from financial institutions subject to regulation by state or federal government, or d. bonds of a duly authorized surety company covering all or a portion of said improvements and said bonds have been filed with the City Clerk prior to the execution of this agreement. One bond shall be in the amount of 100% of the total estimated cost of the public improvement, conditioned upon faithful performance of this agreement, and one bond in the amount of 100% of the total estimated cost of the work for public improvements shall secure payment for labor and materials. Instruments of credit shall be in an amount not less than 100% of the total estimated cost of improvements which is as follows: $525,000.00 In the event of a breach by Developer, 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 Developer. Developer shall be liable to the City for any excess costs or damages suffered by the City. 8. Financing. In the event City and Developer enter a contract upon mutually agreeable terms providing an appropriate reimbursement agreement for said improvements, including streets and easements. 9. Defects. Developer shall be liable for defects in workmanship and materials on all of the above described improvements for a period of one (1) year after acceptance and as security for liability against such defects, Developer shall file