SIGNATURE PROPERTIES TRACT 6553 - Laserfiche WebLink

Tract 6553 Subdivision Agreement • a. cash deposit made with the City, or b. bonds by duly authorized corporate sureties, 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, and e. a maintenance bond for a period of one year following final acceptance by the City Council of said Improvements valued at ten percent (10~) of the estimated value of the 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 Improvements.. Instruments of credit shall be in an amount not less than 100$ of the total estimated cost of Improvements which is as follows: $1,170,000.00 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. 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: a. The inclusion of this tract and other lands within said contracts, and b. The release of improvement security as defined in Section 66499 of the Government Code, where the assessment contract has filed surety bonds for said improvements. - 3 -