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bonds of a duly authorized surety company covering <br />all or a portion of said improvements required herein <br />~here 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 agreement, and one bond in the amount <br />of 100% of the total estimated cost of the work for each stage of <br />development shall secure payment for labor and materials. <br /> <br /> Cash or instruments of credit shall be in an amount not less <br />than 100% of the total estimated cost of improvements which is as <br />follows: <br /> <br />$332,000.00 <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. Defecks. Developer shall be liable for defects in workman- <br />ship and materials on all of the above-described improvements for a <br />period of one (1) year after acceptance and as security for liability <br />against such defects, Developer shall file improvement or maintenance <br />security with the City Clerk, of a type approved by the City Attorney, <br />in the amount of 40% of the total estimated cost set forth above. <br /> <br /> 8. 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 />~ay procure such insurance for the Developer and the Devloper shall <br />pay the cost. <br /> <br /> 9o Hold Harmless Agreement. Developer hereby agrees to, and <br />shall hold City, its elective and appointive Boards, Commissions, <br />officers, agents, and employees, harmless from any liability 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 <br />Developer's contractors', subcontractors', agents' or employees' <br />operation under this agreement, whether such operations be by Developer <br />or by any of Developer's contractors, subcontractors, or by any one <br />or more persons directly employed by, or acting as agent for, <br />Developer or any of Developer's contractors or subcontractors. <br /> <br />-3- <br /> <br /> <br />