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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 required <br /> herein where a contract for improvements has been <br /> let through an assessment district proceeding, and <br /> where said bonds have been filed with the City <br /> Clerk prior to the execution of this agreement, as <br /> a part of the existing improvement district <br /> proceedings. <br /> <br /> One bond shall be in the amount of 100% of the total <br />estimated cost of the work for each stage of development, <br />conditioned upon faithful performance of this agreement, and one <br />bond in the amount of 100% of the total estimated cost of the <br />work for each stage of development shall secure payment for labor <br />and materials. <br /> <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 /> <br /> $ 1,481,000.00 <br /> <br /> In event of breach by Subdivider, 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 Subdivder. Subdivider shall be liable to the City for any <br />excess costs or damages suffered by the City. <br /> <br /> 8. Financinq. In the event City and Subdivider enter a <br />contract upon mutually agreeable terms providing an appropriate <br />special assessment act for financing and improvement of streets <br />and easements, the City may consent to the following: <br /> <br /> a. The inclusion of this tract and other lands within <br /> said contracts, and <br /> <br /> b. the release of improvement security as defined in <br /> Section 66499 of the Government Code, where the <br /> assessment contract has filed surety bonds for said <br /> improvements. <br /> <br /> 9. Defects. Subdivider 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, Subdivider shall <br />file improvement or maintenance security with the City Clerk, of <br />a type approved by the City Attorney, in the amount of 40% of the <br />total estimated cost set forth above. <br /> <br /> 10. Worker's Compensation. Before commencing work under <br />this contract, Subdivider shall take out and maintain during the <br /> <br /> - 3 - <br /> <br /> <br />