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6. Related Contracts and Proceedings. Any prior contracts between City and <br />Subdivider and any prior approvals by Boards, Commissions or Council of City shall not <br />be affected by the provisions of this Agreemem unless specific modification is set forth <br />herein. <br /> <br /> 7. Security. On signing this Agreement, the Subdivider shall present to the <br />City and file with the City Clerk, improvement security as defined in Section 66499 of <br />the Government Code of the State of California. Said improvement security as approved <br />by the City Attorney, shall consist of the following as determined by the City: <br /> <br /> a. cash deposit made with the City, or <br /> <br /> b. bonds by duly authorized corporate sureties, or <br /> <br /> c. instruments of credit from financial institutions <br /> subject to regulation by state or federal government, or <br /> <br /> d. bonds ora duly authorized surety company <br /> covering all or a portion of said improvements required herein <br /> where a contract for improvements has been let through an <br /> assessment district proceeding, and where said bonds have been <br /> filed with the City Clerk prior to the execution of this Agreement, <br /> as a pan of the existing improvement district proceedings, and <br /> <br /> e. a maintenance bond for a period of one year <br /> following final acceptance by the City Council of said public <br /> improvements valued at ten percent (10%) of the estimated value <br /> of the public improvements. <br /> <br /> One bond shall be in the amount of 100% of the total estimated cost of the work <br />for each stage of development, conditioned upon faithful performance of this Agreement, <br />one bond in the amount of 100% of the total estimated cost of the work for each stage of <br />development shall secure payment for labor and materials, and one bond in the amount of <br />ten percent (10%) of the estimated value of the public improvements. <br /> <br /> Instruments of credit shall be in an amount not less than 100% of the total <br />estimated cost of improvements which is as follows: <br /> <br /> $110,000.00 <br /> <br /> In the event of any breach by Subdivider, City may take over the work and <br />prosecute the same to completion by any method the City deems advisable. Said work <br />shall be for the account and at the expense of the Subdivider. Subdivider shall be liable <br />to the City for any excess costs or damages suffered by the City. <br /> <br />SUBDIVISION AGREEMENT <br />Parcel Map 8214, 2562 Vineyard Avenue <br />Page 3 of 8 <br /> <br /> <br />