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~1 a <br />9. Security. On signing this agreement, the Developer shall <br />present to the City and file with the City Clerk, improvement security <br />as defined in Section 66499 of the Government Code of the State of <br />California. Said improvement security as approved by the City Attorney, <br />shall consist of the following as determined by the City: <br />a. cash deposit made with the City, or <br />b. bonds by duly authorized corporate sureties, or <br />c. instruments of credit from financial institutions <br />subject to regulation by state or federal government, <br />or <br />d. bonds of a duly authorized surety company covering <br />all or a portion of said improvements required herein <br />where a contract for improvements has been let through <br />an assessment district proceeding, and where said <br />bonds have been filed with the City Clerk rior to <br />the execution of this agreement, as a part of the <br />existing improvement district proceedings. <br />One bond shall be in the amount of 100% of the total estimated <br />cost of the work for each stage of development, conditioned upon <br />faithful performance of this agreement, and one bond in the amount <br />of 100% of the total estimated cost of the work for each stage of <br />development shall secure payment for labor and materials. <br />Cash or instruments of credit shall be in an amount not less <br />than 100% of the total estimated cost of improvements which is as <br />follows: <br />$633,160.00 <br />In event of breach by Developer, City may take over the work <br />and prosecute the same to completion by any method the City deems <br />advisable. Said work shall be for the account and at the expense <br />of the Developer. Developer shall be liable to the City for any <br />excess costs or .damages suffered by the City. <br />10. Financing. In the event City and Developer enter a con- <br />tr~ct upon mutually agreeable terms providing an appropriate special <br />assessment act for financing and improvement of streets and easements, <br />the City may consent to the following: <br />a. The inclusion of this development and other lands <br />within said contracts, and <br />b. the release of improvement security as defined <br />in Section 66499 of the Government Code, where <br />the assessment contract has filed surety bonds <br />for said improvements. <br />-3- <br />