RES 82378 - Laserfiche WebLink

5. Related Contracts and Proceedings. Any prior contracts between City and Developer and any prior approvals by Boards, Co.~Faissions, or Council of City shall not be affected by the provisions of this agreement unless specific modification is set forth herein. 6. Security. On signing this agreement, the Developer shall present to the City and file with the City Clerk, 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 of the following as determined by the City; a. cash deposit made with the City; or bonds by duly authorized corporate sureties; or instruments of credit from financial institutions subject to regulation by state or federal government; or bonds of duly authorized surety company covering all or a portion of said improvements required herein where a contract for improvements has been let through an assessment district proceeding, and where said bonds have been filed with the City Clerk prior to the execution of this agreement, as a part of the existing improvement district proceedings. One bond shall be in the amount of ]00% of the total estimated cost of the work for each stage of development, conditioned upon faithful performance of this agreement, and one bond in the amount of 100% of the total estimated cost of the work for each stage of development shall secure payment for labor and materials. Cash less than 100% is as follows: or instruments of credit shall be in an amount not of the total estimated cost of improvements which $1,430,000.00 In event of breach by Developer, City may take over the work and prosecute the same to completion by any method the City deems advisable. Said work shall be for the account and at the expense of the Developer. Developer shall be liable to the City for any excess costs or damages suffered by the City. -3-