PONDEROSA HOMES II MASS GRADING - Laserfiche WebLink

have been filed with the City Clerk prior to the execution of this Agreement, as a part of the existing improvement district proceedings, and e. a maintenance bond for a period of one year from the date of acceptance of the grading, valued at ten percent (10%) of the estimated value of the grading.. One bond shall be in the amount of 100% of the total estimated cost of the work , conditioned upon faithful performance of this Agreement, one bond in the amount of 100% of the total estimated cost of the work shall secure payment for labor and materials, and one bond in the amount often percent (10%) of the estimated value of the work. Instruments of credit shall be in an amount not less than 100% of the total estimated cost of the grading which is as follows: $1,410,000.00 In the event of any breach by Developer, 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 Developer. Developer shall be liable to the City for any excess costs or damages suffered by the City. 8. Financing. In the event City and the Developer 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. 9. Defects. Developer shall be liable for defects in workmanship and materials on all of the above described work for a period of one year after acceptance and, as security for liability against such defects, Developer shall file improvement or maintenance security with the City Clerk, of a type approved by the City Attorney, in the amount often (10) percent of the total estimated cost set forth above. 10. Workers' Compensation. Before commencing work under this contract, Developer shall take out and maintain during the course of this Agreement, such worker's compensation insurance as required by the laws of the State of California. If the General Contractor is not the Developer, then the General Contractor will provide the City with a certificate of worker's compensation insurance prior to start of construction. On failing to do so, the City may procure such insurance for the Developer and the Developer shall pay the cost. 11. Hold Harmless Agreement. Developer hereby agrees to and shall hold City, its elective and appointive Boards, Commissions, off cers, agents, and employees, harmless from SUBDIVISION AGREEMENT -Mass Grading Agreement Tract 7381, Busch/Ponderosa Property Page 3 of 7