Agmt 2000 SCS Development Co (2)

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sureties in executing the bonds shall be deemed to stipulate and agree that no change, extension of time, alteration or addition to the term of the Agreement or to the work to be performed thereunder or the specifications accompanying the same shall in any way affect its obligations on the bond, and to waive notice of any such change, extension of time, alteration or addition to the terms of the Agreement or to the work or to the specifications. 11. Extension; Condition. The granting of any extension may be conditioned upon Subdivider providing City with increased Inspection Fees and new or amended surety bonds in amounts increased to 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 Security. Concurrently with the execution hereof Subdivider shall furnish City: (a) Improvement security in the sum of FOUR MILLION THREE HUNDRED THOUSAND DOLLARS ($4,300,000.00), 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 FOUR MILLION THREE HUNDRED THOUSAND DOLLARS ($4,300,000.00), 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 TRACT MAP 7078 CHERRY WOOD - PHASE I S2 ABSTRACT OF SUBDIVISION IMPROVEMENT AGREEMENT (PRIVATE IMPROVEMENT) ' ` C:\ MAP S \T707S\.SUBIMPAGRPRIVATE.DOC 7 PAGE 5 OF 17