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~ ~ <br />provisions of this Agreement unless specific modification is set <br />forth herein. <br />7. Security. On signing this Agreement, the Subdivider or <br />Contractor shall present to the City and file with the City Clerk, <br />improvement security as defined in Section 66499 of the Government <br />Code of the State of California. Said improvement security, as <br />approved by the City Attorney, shall consist of the following as <br />determined 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 state or federal government, <br />or <br />d. bonds of a duly authorized surety company covering all <br />or a portion of said improvements required herein where <br />a contract for improvements has been let through an <br />assessment district proceeding, and where said bonds <br />have been filed with the City Clerk rior to the <br />execution of this Agreement, as a part of the existing <br />improvement district proceedings. <br />One bond shall be in the amount of 100$ of the total contracted <br />cost of the work for each stage of development, conditioned upon <br />faithful performance of this Agreement, and one bond in the amount <br />of 100 of the total contracted cost of the work for each stage of <br />development shall secure payment for labor and materials. <br />Instruments. of credit shall. be in an amount not less than 100 <br />of the total contracted cost of improvements which is as follows: <br />$105,000.00. <br />In the event of any breach by Subdivider or Contractor, City <br />may take over the work and prosecute the same to completion by any <br />method the City deems advisable. Said work shall be for the <br />account and at the expense of the Subdivider. Subdivider shall be <br />liable to the City for any excess costs or damages suffered by the <br />City. <br />8. Financina. In the event City and the Subdivider enter a <br />contract upon mutually agreeable terms providing an appropriate <br />special assessment act for financing and improvement of streets and <br />easements, the City may consent to the following: <br />a. The inclusion of this parcel and other lands within <br />said contracts, and <br />- 3 - <br />