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7. Security. On signing this Agreement, the Subdivider <br />shall present to the City and file with the City Clerk, improve- <br />ment security as defined in Section 66499 of the Government Code <br />of the State of California. Said improvement security as approved <br />by the City Attorney, shall consist of the following as deter- <br />mined by the City: <br /> <br />a. cash deposit made with the City, or <br /> <br />b. bonds by duly authorized corporate <br /> sureties, or <br /> <br />instruments of credit from financial <br />institutions subject to regulation <br />by state or federal government, or <br /> <br />bonds of a duly authorized surety <br />company covering all or a portion <br />of said improvements required herein <br />where a.contract for improvements has <br />been let through an assessment district <br />proceeding, and where said bonds have <br />been filed with the City Clerk prior <br />to this Agreement, as a part of the <br />existing improvement district proceedings. <br /> <br /> All bonds and/or cash deposits listed above may be supplied <br />by Assignee rather than Subdivider on the condition that Sub- <br />divider shall replace said improvement ~ecurity within thirty <br />(30) days following approval of the final map should the property <br />not be assigned to Assignee within that period. No development <br />or construction shall be permitted on the site unless and until <br />the assignment is completed or Subdivider has replaced the <br />improvement security in a form acceptable to the City Attorney. <br /> <br /> One bond shall be in the amount of 100% of the total esti- <br />mated cost of the w6rk for each stage of development, conditioned <br />upon faithful performance of this agreement, and one bond in the <br />amount of 100% o~ the total estimated cost of the work for each <br />stage of development shall secure payment for labor and materials. <br /> <br /> Cash or <br />than 100% of <br />as follows: <br /> <br />instruments of credit shall be in an amount not less <br />the total estimated cost of improvements which is <br /> <br />$474,000.00 <br /> <br /> In event of' breach by Subdivider, City may take over the <br />work and prosecute the same to completion by any method the <br />City deems advisable. Said work shall be for the accounts <br />and at the expense of the Subdivider. Subdivider shall be <br />liable to the City for any excess costs or damages suffered <br />by the City. <br /> <br />-3- <br /> <br /> <br />