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May 13~ 1983 <br /> <br /> One bond shall be in the ~eount of 100% of the total estimated cost <br />of the work for each staqe of development, conditioned upon faithful <br />performance of this agreement, and one bond in the amount of 100% of the <br />total estimated cost of the work for each stage of development shall <br />secure payment for labor and materials. <br /> <br /> Cash or instruments of credit shall be in an amount not less than <br />100% of the total estimated cost of improvements which is as follows: <br /> <br />$1,083,700.00 <br /> <br /> In event of breach by Developer, City may take over the work and <br />prosecute the same to completion by any method the City deems advisable. <br />Said work shall be for the account and at the expense of the Developer. <br />Developer shall be liable to the City for any excess costs or damages <br />suffered by the City. <br /> <br /> 7. Mutual Benefit District. Developer has requested the formation <br />of a Mutual Benefit District in order to be reimbursed for a portion of <br />the cost of the improvements described herein from the owners of <br />undeveloped properties which will also benefit from the construction <br />of said improvements. The undeveloped properties which may be determined <br />to benefit from the improvements are shown on the attached map labeled <br />Exhitit "B". <br /> <br /> City agrees, upon receipt from Developer of satisfactory proof of <br />the actual cost of improvements and a proo~sal for the spread of the <br />costs based on mutual benefits, to hold the necessary public hearings <br />and make a determination as to the establis~nent of the District and <br />amounts of fees and reimbursements as aDpropriate. <br /> <br /> 8. Defects. Developer shall be liable for defects in workmanship <br />and materials on all of the above-,described improvements for a period <br />of one (1) year after acceptance and as security for liability against <br />such defects, Developer shall file improvement or maintenance security <br />with the City Clerk, of a type approved by the City Attorney, in the <br />amount of 10% of the total estimated cost set forth above. <br /> <br /> 9. Worker's Compensation. Before commencing work under this <br />contract, Developer shall take out and maintain during the course of <br />this agreement, such worker's compensation insurance as required by <br />the laws of the State of California. On failing to do so~ the City <br />may procure such insurance for the Developer and the Developer shall <br />pay the cost. <br /> <br /> 10. Hold Harmless Agreement. Developer hereby agrees to, a~d <br />shall hold City, its elective and appointive Boards~ Co]mnissions, <br />officers, agents, and employees~ harmless from any liabiljty for <br />damage or claims for damage for personal injury, including death, as <br />well as from claims from property damage which may arise from Developer's <br />contractors', subcontractors', agents' or employees' operation under <br />agreement, whether such operations be by Developer or by any of Developer's <br />contractors, subcontractors, or by any one or more persons directly <br />employed by, or acting as agent far, Developer or any of Deveioper's <br />contractors or subcontractors. Developer agrees to, and shall, defend <br /> <br /> <br />