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sureties in executing the bonds shall be deemed to stipulate and agree that no change, extension of time, <br /> alteration or addition to the term of the Agreement or to the work to be performed thereunder or the <br /> specifications accompanying the same shall in any way affect its obligations on the bond, and to waive <br /> notice of any such change, extension of time, alteration or addition to the terms of the Agreement or to the <br /> work or to the specifications. <br /> 11. Extension: Condition. The granting of any extension may be conditioned upon Subdivider <br /> providing City with increased Inspection Fees and new or amended surety bonds in amounts increased to <br /> reflect increases in the cost of constructing the required improvements that have occurred prior to the <br /> granting of the extension, and the cost of additional inspection services. <br /> 12. No Waiver by the City. Final Acceptance. Inspection of the work and/or materials, or approval . <br /> of work and/or materials inspected, use of the work by the public as public right -of -way, or statement by any <br /> officer, agent, or employee of the City indicating the work complies with the requirements of this <br /> Agreement, shall not relieve the Subdivider from the obligation to fulfill the Agreement as prescribed herein. <br /> Acceptance of any part or stage of said improvements shall not be final until a written notice of acceptance <br /> of all the improvements shall have been delivered to Subdivider. <br /> 13. Improvement Security. Concurrently with the execution hereof Subdivider shall furnish City: <br /> (a) Improvement security in the sum of TWO MILLION EIGHT HUNDRED SEVENTY - <br /> FOUR THOUSAND DOLLARS (S2,874,000.00), which sum is equal to one hundred percent (100 %), of <br /> the estimated cost of constructing the "required improvements" and the cost of any other obligation to be <br /> performed by Subdivider hereunder, securing the faithful performance of this Agreement. <br /> (b) Separate improvement security in the sum of TWO MILLION EIGHT HUNDRED <br /> SEVENTY -FOUR THOUSAND DOLLARS (52.874.000.00), which sum is equal to one hundred percent <br /> (100 %) of the estimated cost of constructing the required improvements, security payment to the contractor, <br /> his subcontractor and to persons furnishing labor. materials or equipment to them for the construction of the <br /> required improvements, and for the payment of amounts due under the Unemployment Insurance Act with <br /> TRACT MAP 7174 CHERRY WOOD - PHASE 2 <br /> SUBDIVISION IMPROVEMENT AGREEMENT (PRIVATE IMPROVEMENT) <br /> \ \ES\SYS \USERVDHA LI WM. \TM\Tm7078\SIJBLMPAGRpnvate.doc <br /> Page 5 of 17 <br />