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' ~ (a j ~cae' ~+' ~16x'ee~ent Ly aad batreen tlse ^' ei tieasauten and <br />I i • 3uild._.-~ -tnc., bt~0 'i~legrapi~ •wata, .stand 9, Calitereia, <br />• dated 3e~tee~er 7, 1965, <br />(d} A~reeew:nt ter and betwen tha CitT of ~'leasanten and ~ i 0 <br />• Duildsra, 2nc.. 6Ot~1 1111egraph Ave., Gsklaad 9, California, dated <br />Jane 6, 1966. <br />7. SECURITY. On signing this agreement, the sub- <br />divider shall present to the City and file with the City Clerk, <br />improvement security as defined in Section 11612 of the <br />Business and Professions Code of the State of California. <br />Said improvement security shall consist of the following: <br />a. Cash deposit made with the City, or <br />b. Bonds by duly authorized corporate sureties, or <br />c. Instruments of credit from financial insti- <br />tutions subject to regulation by state or <br />federal government. <br />d. Bonds of a duly authorized surety company <br />covering all or a portion of said improvements <br />required herein where a contract for improve- <br />ments has been let through an assessment <br />district proceedings, and where said bonds <br />have been filed with the City Cleric Qrior to <br />the execution of this agreement, as a part <br />of the existing improvement district proceedings. <br />One bond shall be in an amount of 100% of the total <br />estimated cost conditioned upon faithful performance of this <br />agreement, and one bond in the amount of 100% of the total <br />estimated cost shall secure payment for labor and materials. <br />Cash or instruments of credit shall be in an amount <br />not less than 100% of the total estimated cost of improvements. <br />As used herein, the total estimated cost of improvements <br />is as follows: <br />Sum of $ 167, 0Q0. t10 <br />In event of breach by subdivider, City may take over <br />the work and prosecute the same to completion by any method the <br />City deems advisable. Said work shall be for the account and <br />at the expense of the subdivider. Subdivider shall be liable <br />to the City for any excess costs or damages suffered by the <br />City. <br />8. FINANCING. In event City and subdivider enter a <br />contract upon mutually agreeable terms providing that City <br />shall initiate and consummate proceedings under an appropriate <br />special assessment act for financing and improvement of streets <br />-3- <br />