AUF DER MAUR PUBLIC IMPROVEMENT PM 7885 2002

6. Related Contracts and Proceedings. Any prior contracts between City and Developer and any prior approvals by Boards, Commissions or Council of City shall not be affected by the provisions of this Agreement unless specific modification is set forth herein. Nothing contained herein shall expand or increase Developer's obligations with respect to the work beyond that required by MS-81-10 approval. 7. 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 b. bonds by duly authorized corporate sureties, or 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, and e. a maintenance bond for a period of one year from the recordation date of the notice of completion which follows the final acceptance by the City Council of said public improvements valued at ten percent (10%) of the estimated value of the public improvements. 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 shall secure such maintenance cost. Public Improvement Agreement 10/23/2002 Auf der Maur/Rickenbach, PM 7885 Page 3 of 9