Agmt 2005 Hudson ICS - Laserfiche WebLink

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13. Improvement Security. Concurrently with the execution hereof Owner shall furnish City: (a) Improvement security in the sum of EIGHTY NINE THOUSAND AND TWENTY FIVE DOLLARS 089,,025), 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 Owner hereunder, securing the faithful performance of this Agreement. (b) Separate improvement security in the sum of EIGHTY NINE THOUSAND AND TWENTY FIVE DOLLARS ($89,025), 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 City Engineer. 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. Concurrently with the execution hereof Owner shall furnish the City a maintenance and repair security in a form acceptable to the City Engineer in the amount of EIGHT THOUSAND NINE HUNDRED AND THREE DOLLARS (,$8,903), to guarantee that all areas to be improved are free from defect for a period of one year after initial acceptance of entire work by the City. In the event Owner fails, neglects or refuses to maintain said areas, City is hereby authorized to expend all or any portion of said deposit during construction and during the one year maintenance period to accomplish the above. (b) A maintenance and repair security in a form acceptable to the City Engineer in the amount of FNE THOUSAND DOLLARS ($5,000) to guarantee that Owner repays city for all liabilities incurred by City under Article S.C. and Exhibit B, Section 5 of the Railroad Crossing Agreement STANDARD PUBLIC IMPROVEMENT AGREEMENT G:A LD\ Address\400 Hudson Ln -Hudson PropertyU 155057_3.DOC Page 7 of 16 1155057.3