PONDERSOA HOMES II - TRACT 7721 - Laserfiche WebLink

7. Security. On signing this Agreement,the Subdivider 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 B. Bonds by duly authorized corporate sureties admitted to conduct such business in California, or C. Instruments of credit from financial institutions subject to regulation by state or federal government, or D. Bonds of a 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 rp for to the execution of this Agreement, as a part of the existing improvement district proceedings. One bond shall be in the amount of 100%of the total estimated cost of the work for each stage of development, conditioned upon faithful performance of this Agreement, 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, and one bond in the amount of ten percent(10%) of the estimated value of the public improvements to secure maintenance of the improvements for one year following City Council acceptance. Total estimated cost of improvement is as follows: $ 2,005,000 In the event of any breach by Subdivider, 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 Subdivider. Subdivider shall be liable to the City for any excess costs or damages suffered by the City. The City shall release the faithful performance and labor and materials bonds forty-five days after the recordation of the Notice of Completion. The City shall release the Maintenance Bond one year after the recordation of the Notice of Completion provided all warranty work is acceptable to the City. 8. Financing. In the event City and the Subdivider enter a contract upon mutually agreeable terms providing an appropriate special assessment act for financing and improvement of streets and easements,the City may consent to the following: SUBDIVISION AGREEMENT TRACT NO. 7721,"Lehman/Selway" Page 3 of 8