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5. Related Contracts and Proceedings. Any prior contracts <br />between City and Developer and any prior approvals by Boards, <br />Commissions or Council of City shall not be affected by the <br />provisions of this agreement unless specific modification is set <br />forth herein. <br />6. Security. On signing this agreement, the Developer <br />shall present to the City and file with the City Clerk, <br />improvement security. Said improvement security as approved by <br />the City Attorney, shall consist of the following as determined <br />by the City: <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 institutions <br />subject to regulation by the State or Federal <br />government, or <br />d. bonds of a duly authorized surety company covering <br />all or a portion of said improvements required <br />herein where a contract for improvements has been <br />let through an assessment district proceeding, and <br />where said bonds have been filed with the City Clerk <br />prior to the execution of this agreement as a part <br />of the existing improvement district proceedings. <br />One bond shall be in the amount of 100 of the total <br />estimated cost of the work for each stage of development, <br />conditioned upon faithful performance of this agreement, and one <br />bond in the amount of 100 of the total estimated cost of the <br />work for each stage of development shall secure payment for labor <br />and materials. <br />Cash or instruments of credit shall be in an amount no less <br />than 100 of the total estimated cost of improvements which is as <br />follows: <br />$350,000.00. <br />In event of breach by Developer, City may take over the work <br />and prosecute the same to completion by any method the City deems <br />advisable. Said work shall be for the account and at the expense <br />of the Developer. Developer shall be liable to the City for any <br />excess costs or damages suffered by the City. <br />7. Acquisition by Assessment District. The parties shall <br />cooperate with each other to cause the North Pleasanton Water <br />Improvement District to be formed as soon as reasonably practical <br />and to cause the North Pleasanton Water Improvement District to <br />reimburse Developer for all costs and expenses incurred or paid <br />by Developer, if such costs and expenses are included as a part <br />of the costs and expenses financed by the North Pleasanton Water <br />Improvement District and such costs and expenses are reimbursable <br />by the North Pleasanton Water Improvement District to Developer. <br />- 3 - <br />