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d. bonds of a duly authorized surety company covering all or a <br />portion of said improvements required herein where a contract for <br />improvements has been let through an assessment district <br />proceeding, and where said bonds have been filed with the City <br />Clerk prior to the execution of this Agreement, as a part of the <br />existing improvement district proceedings, and <br />a maintenance bond for a period of one year following final <br />acceptance by the City Council of said public improvements <br />valued at ten percent (10%) of the estimated value of the public <br />improvements. <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 for maintenance. <br />Instruments of credit shall be in an amount not less than 100% of the total <br />estimated cost of improvements which is as follows: <br />$8,827,100.00 <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. <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 />a. The inclusion of this tract and other lands within said contracts, <br />and <br />b. The release of improvement security as defined in Section 66499 <br />of the Government Code, where the assessment contract has filed <br />surety bonds for said improvements. <br />9. Defects. Subdivider shall be liable for defects in workmanship and <br />materials on all of the above described improvements for a period of one (1) year after <br />acceptance and, as security for liability against such defects, Subdivider shall file <br />improvement or maintenance security with the City Clerk, of a type approved by the City <br />Attorney, in the amount often (10) percent of the total estimated cost set forth above. <br />~unulvl~IVly AI,KN,r.MY;N'1 <br />TRAC"f NO. 7255. <br />Pagc 3 of 8 <br />