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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 <br /> as 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 no less <br />than 100% of the total estimated cost of improvements which is as <br />follows: <br /> <br /> $6,300,000.00 <br /> <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 /> <br /> 7. Acquisition by Assessment District. The parties shall ~c~.~e/~ <br />cccpcr=te ~i~c~each ether-to cause the North Pleasanton <br />Improvement District (Freeways) (hereinafter NPID (Freeways)) to <br />be formed as soon as reasonably practical and to cause the NPID <br />(Freeways) to reimburse Developer for all costs and expenses <br />incurred or paid by Developer, if such costs and expenses are <br />included as a part of the costs and expenses financed by the NPID <br />(Freeways) and such costs and expenses are reimbursable by the <br />NPID (Freeways) to Developer. Reimbursement by City shall be <br />made within thirty (30) days after the sale of the bonds of the <br />NPID (Freeways). <br /> <br /> 8. Procedure If No Assessment District. In the event no <br />assessment district contemplated herein is formed, all costs, <br />expenses and/or obligations incurred or paid by Developer as a <br />result of this agreement shall be the sole responsibility of <br />Developer. Further, in the event the assessment district formed <br />does not include as reimbursable costs all the costs and expenses <br />incurred or paid pursuant to this agreement, those costs and <br />expenses not reimbursable by the assessment district shall be the <br />sole responsibility of Developer. <br /> <br /> 9. Defects. Developer 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, <br />as security for liability against such defects, Developer shall <br />file improvement or maintenance security with the City Clerk, of <br /> <br /> - 3 - <br /> <br /> <br />