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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 <br />all or a portion of said improvements required herein <br />where a contract for improvements has been let through <br />an assessment district proceeding, and where said <br />bonds have been filed with the City Clerk prior to <br />the execution of this agreement, as a part of the <br />existing improvement district proceedings. <br />One bond shall be in the amount of 100 of the total estimated <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 estimated cost of the work for each stage of <br />development shall secure payment for labor and materials. <br />Cash or instruments of credit shall be in an amount not less <br />than 100 of the total estimated cost of improvements which is as <br />follows: <br />$277,000.00 <br />In the .,event of breach by Subdivider, 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 Subdivider. Subdivider shall be liable to the City for any <br />excess costs or damages suffered by the City. <br />8. Financing. In the event City and Subdivider enter a con- <br />tract upon mutually agreeable terms providing an appropriate special <br />assessment act for financing and improvement of streets and easements, <br />the City may consent to the following: <br />a. The inclusion of this tract and other lands within <br />said contracts, and <br />b. the release of improvement security as defined in <br />Section 66499 of the Government Code, where the <br />assessment contract has filed surety bonds for said <br />improvements. <br />9. Defects. Subdivider shall be liable for defects in workmanship <br />and materials on all of the above-described improvements for a period <br />of one (1) year after acceptance and as security for liability against <br />such defects, Subdivider shall file improvement or maintenance security <br />with the City Clerk, of a type approved by the City Attorney, in the <br />amount of 40~ of the total estimated cost set forth above. <br />-3- <br />