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<br />STANDARD PUBLIC IMPROVEMENT AGREEMENT Page 4 of 13 <br />Draft 1- 1/29/2014; SL 4/23/2014 <br /> 10. Extension; No Release of Obligations. In the event it is deemed necessary by the City to <br />extend the time of commencement or completion of the work to be done under this Agreement beyond the <br />dates specified herein, such extension shall in no way release any guarantee given by Owner pursuant to this <br />Agreement, or relieve or release those providing improvement security pursuant to this Agreement. The <br />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 Owner <br />providing City with increased Inspection Fees, a cash deposit which sum is equal to one hundred percent <br />(100%), of the estimated cost of constructing the required improvements, and new or amended surety bonds <br />in amounts increased to reflect increases in the cost of constructing the required improvements that have <br />occurred prior to the 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 <br />approval of work and/or materials inspected, use of the work by the public as public right-of-way, or <br />statement by any officer, agent, or employee of the City indicating the work complies with the requirements <br />of this Agreement, shall not relieve the Owner from the obligation to fulfill the Agreement as prescribed <br />herein. Acceptance of any part or stage of said improvements shall not be final until a written notice of <br />acceptance of all the improvements shall have been delivered to Owner. <br /> 13. Improvement Security. Prior to the issuance of any building permit contemplated by this <br />Agreement the Owner shall furnish to City: <br /> (a) Improvement security in the sum of Seven Hundred and Ninety-four Thousand, Four <br />Hundred and Twenty DOLLARS ($794,420.00), which sum is equal to one hundred percent (100%), of the