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13. Improvement Security. Concurrently with the execution hereof Owner shall furnish City: <br />(a) Improvement security in the sum of Three Hundred Fifty Thousand DOLLARS <br />($350,000.00), which sum is equal to one hundred percent (100%), of the estimated cost of constructing the <br />required improvements and the cost of any other obligation to be performed by Owner hereunder, securing <br />the faithful performance of this Agreement. <br />(b) Separate improvement security in the sum of Three Hundred Fifty Thousand <br />DOLLARS ($350,000.00), which sum is equal to one hundred percent (100%) of the estimated cost of <br />constructing the required improvements, security payment to the contractor, his subcontractor and to <br />persons furnishing labor, materials or equipment to them for the construction of the required improvements, <br />and for the payment of amounts due under the Unemployment Insurance Act with respect to such work or <br />labor in connection with the installation of such improvements. The form of the improvement security shall <br />be subject to the approval of the City Attorney. Improvement security shall be reduced or released by City <br />only in the manner provided by the City Engineer. No change, alteration or addition to the terms of this <br />Agreement or the plans and specifications accompanying the same shall in any manner affect the obligation <br />of those providing improvement security pursuant to this Agreement. <br />14. Maintenance Security. Concurrently with the execution hereof Owner shall furnish the <br />City a maintenance and repair security in a form acceptable to the City Engineer in the amount of Thirty - <br />Five Thousand DOLLARS ($35,000.00), to guarantee that all areas to be improved are free from defect for <br />a period of one year after initial acceptance of entire work by the City. In the event Owner fails, neglects or <br />refuses to maintain said areas, City is hereby authorized to expend all or any portion of said deposit during <br />construction and during the one year maintenance period to accomplish the above. <br />15. Hold Harmless Agreement. Owner hereby agrees to, and shall, hold City, its elective <br />and appointive boards, commissions, officers, agents and employees harmless from and against any or all <br />loss, liability, expense, claim, costs, suits, damages of every kind, nature and description directly or <br />indirectly arising from the performance of the work from Owner, Owner's contractors', subcontractors', <br />STANDARD PUBLIC IMPROVEMENT AGREEMENT Page 5 of 14 <br />