Agmt 2006 Washington Springlake Properties LLC (2)

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reflect increases in the cost of constructing the required improvements that have occurred prior to the granting of the extension, and the cost of additional inspection services. 12. No Waiver by the City. Final Acceptance. Inspection of the work and/or materials, or approval of work and/or materials inspected, use of the work by the public as public right-of-way, or statement by any officer, agent, or employee of the City indicating the work complies with the requirements of this Agreement, shall not relieve the Subdivider from the obligation to fulfill the Agreement as prescribed herein. Acceptance of any part or stage of said improvements shall not be final until a written notice of acceptance of all the improvements shall have been delivered to Subdivider. 13. Improvement Securitv. Concurrently with the execution hereof Subdivider shall furnish City: (a) Improvement security in the sum of NINE HUNDRED TWENTY-SEVEN THOUSAND DOLLARS ($927,000), which sum is equal to one hundred percent (100%), of the estimated cost of constructing the "required improvements" and the cost of any other obligation to be performed by Subdivider hereunder, securing the faithful performance of this Agreement. (b) Separate improvement security in the sum of NINE HUNDRED TWENTY-SEVEN THOUSAND DOLLARS ($927,000), which sum is equal to one hundred percent (100%) of the estimated cost of constructing the required improvements, security payment to the contractor, his subcontractor and to persons furnishing labor, materials or equipment to them for the construction of the required improvements, and for the payment of amounts due under the Unemployment Insurance Act with respect to such work or labor in connection with the installation of such improvements. The form of the improvement security shall be subject to the approval of the City Attorney. Improvement security shall be reduced or released by City only in the manner provided by the Subdivision Regulations of City. No change, alteration or addition to the terms of this Agreement or the plans and specifications accompanying the same shall in any manner affect the obligation of those providing improvement security pursuant to this Agreement. 14. Maintenance Security. Prior to initial acceptance of any of the work constructed hereunder or the release of any of the securities required under Paragraph 13., hereof, Subdivider shall furnish the City a maintenance and repair security in a form acceptable to the City Engineer in the amount of NINETY TWO TRACT MAP 7579 SUI30TVISION IMPROVEMENT AGREEMENT G:\_LO'--Tract Map & Parcel Map\TM7579-WASHINGTON & spTinglake\SUBIMP,AGR.doc PAGE 5 OF 16 ff