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agreement, and the bond or bonds in the amount of 100% of <br />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 <br />amount not less than 100% of the total estimated cost of <br />improvements, which is as follows: <br />$1,566,596.00 <br />In the event of breach by Subdivider, City may <br />take over the work and prosecute the same to completion by <br />any method the City deems advisable. Said work shall be for <br />the accounts and at the expense of the Subdivider. Sub- <br />divider shall be liable to the City for any excess costs or <br />damages suffered by the City. <br />8. Financing. In the event City and Subdivider <br />enter a contract upon mutually agreeable terms providing an <br />appropriate special assessment act for financing and improve- <br />ment of streets and easements, the City may consent to the <br />following: <br />A. The inclusion of this tract and other <br />lands within said contract; and <br />B. The release of improvement security as <br />defined in Section 66499 of the Government Code, where <br />the assessment contract has filed surety bonds for said <br />improvements. <br />9. Defects. Subdivider shall be liable for <br />defects in workmanship and materials on all of the above- <br />described improvements for a period of one (1) year after <br />-5- <br />