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7. Security. On signing this Amended Agreement, the Subdivider <br />shall present to the City and file with the City Clerk, improvement <br />security as defined in Section 66499 of the Government Code of the <br />State of California. Said improvement security as approved by the <br />City Attorney, shall consist of the following as determined by <br />the City: <br /> <br />a. cash deposit made with the City, or <br /> <br />b. bonds by duly authorized corporate sureties, or <br /> <br />instruments of credit from financial institutions <br />subject to regulation by state or federal government, <br />or <br /> <br />bonds of a duly authorized surety company covering <br />all or a portion of said improvements required herein <br />where a contract for'improvements has been let through <br />an assessment district proceeding, and where said <br />bonds have been filed with the City Clerk prior to <br />the execution of this agreement, as a part of the <br />existing improvement district proceedings. <br /> <br /> One bond shall be in the amount of 100% of the total estimated <br />cost of the work for each stage of development, conditioned upon <br />faithful performance of this Amended Agreement, and one bond in <br />the amount of 100% of the total estimated cost of the work for each <br />stage of development shall secure payment for labor and materials. <br /> <br /> Cash <br />than 100% <br />follows: <br /> <br />or instruments of credit shall be in an amount not less <br />of the total estimated cost of improvements which is as <br /> <br />$201,600.00 - This represents the remaining public <br /> improvements to be completed. <br /> <br /> In the event of breach by Subdivider, City may take over the <br />work and prosecute the same to completion by any method the City <br />deems advisable. Said work shall be for the account and at the <br />expense of the Subdivider. Subdivider shall be liable to the City <br />for any excess costs or damages suffered by the City. <br /> <br /> 8. Financing. 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 and <br />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 />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 <br />said improvements. <br /> <br />-3- <br /> <br /> <br />