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5. Ownership of the Improvements. Portions of the Improvements aze for the benefit of the City, specifically the sanitary sewer main and the water main to be constructed within the roadway providing access to the water tank. The City shall accept these specific portions of the Improvements which aze for the benefit of the City when the work on these specific portions of the Improvements are complete or, in the City Engineer's reasonable judgment, substantially complete. The City shall own these specific portions of the Improvements that benefit the City after the City accepts these specific portions of the Improvements, and shall be responsible thereafter for any maintenance of such specific portions of the Improvements, and may call upon the maintenance bond for one (1) yeaz following acceptance of these specific portions of the Improvements. An exception to the City's ownership of the Improvements are any remaining street and storm drain facilities, either identified on the Improvement plans as private facilities, or which are not the specific portions of the Improvements which are for the benefit of the City, described above, and which the City accepts; which private facilities shall be subject to the terms of the Purchase and Sale Agreement and any maintenance agreement entered into as provided by the Purchase and Sale Agreement. 6. Insvection. City shall inspect all ofthe Improvements through an inspector employed by City at the cost and expense of the City, except for Improvements which require a specialty inspector not on staff with the City, including, but not limited to, geotechnical engineer for Versa-Lok masonry walls and trench backfill, roadway testing and PG&E and AT&T staff for public utility inspections, which specialty inspection shall be coordinated by Threehand, and which specialty inspection costs shall be reimbursed by the City. ?. Securit . As described in the Subdivision Agreement, Threehand or the General Contractor shall provide, or cause to be provided, to the City improvement security as defined in Section 66499 of the Government Code of the State of California. Said improvement security as approved by the City Attorney shall consist ofa mutually acceptable letter of credit, or bonds by duly authorized wrporate sureties as follows: A. Faithful Perfonnance. One bond shall be in the amount of 100% of the total estimated cost ofthe Improvements, conditioned upon faithful performance ofthis Agreement. B. Labor and Materials. One bond in the amount of 100% of the total estimated cost ofthe Improvements shall secure payment for labor and materials. C. Maintenance. One bond in the amount of ten percent (10%) of the estimated value ofthe Improvements dedicated to, and accepted by, the City for providing maintenance for a period of one year following acceptance by the City ofthe Improvements. Page 4 of 7