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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 />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, or <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 prior to the execution of this Agreement, <br />as a part of the existing improvement district proceedings, and <br />e. a maintenance bond for a period of one year <br />following final acceptance by the City Council of said public <br />improvements valued at ten percent (10%) of the estimated value <br />of the public 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. <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 />$847,905 <br />One bond shall be in the amount of 100% of the total estimated cost of the work for each <br />stage of development, conditioned upon faithful performance of this Agreement. <br />Instrument of credit shall be in an amount not less than 100% of the total estimated cost <br />of private improvements which is as follows: <br />$153,916 <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 />SUBDIVISION AGREEMENT <br />TRACT N0.7534, PLEASANTON <br />Page 3 of 8 <br />