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5. Related Contracts and Proceedings. Any prior contracts <br /> between City and Developer and any prior approvals by Boards, <br /> Commissions or Council of City shall not be affected by the <br /> provisions of this agreement unless specific modification is set <br /> forth herein. <br /> <br /> 6. Security. On signing this agreement, the Developer <br /> shall present to the City and file with the City Clerk, <br /> improvement security. Said improvement security as approved by <br /> the City Attorney, shall consist of the following as determined <br /> by the City: <br /> <br /> a. cash deposit made with the City, or <br /> <br /> b. bonds by duly authorized corporate sureties, or <br /> <br /> c. instruments of credit from financial institutions <br /> subject to regulation by the 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 Clerk <br /> prior to the execution of this agreement as a part <br /> of the existing improvement district 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 /> $350,000.00. <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 <br />cooperate with each other to cause the North Pleasanton Water <br />Improvement District to be formed as soon as reasonably practical <br />and to cause the North Pleasanton Water Improvement District to <br />reimburse Developer for all costs and expenses incurred or paid <br />by Developer, if such costs and expenses are included as a part <br />of the costs and expenses financed by the North Pleasanton Water <br />Improvement District and such costs and expenses are reimbursable <br />by the North Pleasanton Water Improvement District to Developer. <br /> <br /> - 3 - <br /> <br /> <br />