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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. Concurrently with the execution hereof Owner shall furnish City: <br />(a) Improvement security in the sum of One Million, Two Hundred and Thirtv Five, Five <br />Hundred and Five DOLLARS and Twenty Six Cents ($1,235,505.26), which sum is equal to one hundred <br />percent (100%), of the estimated cost of constructing the required improvements and the cost of any other <br />obligation to be performed by Owner hereunder, securing the faithful performance of this Agreement. <br />(b) Separate improvement security in the sum of One Million, Two Hundred and Thirty <br />Five, Five Hundred and Five DOLLARS and Twenty Six Cents ($1,235,505.26), which sum is equal to one <br />hundred percent (100%) of the estimated cost of constructing the required improvements, security payment <br />to the contractor, his subcontractor and to persons furnishing labor, materials or equipment to them for the <br />construction of the required improvements, and for the payment of amounts due under the Unemployment <br />Insurance Act with respect to such work or labor in connection with the installation of such improvements. <br />The form of the improvement security shall be subject to the approval of the City Attorney. Improvement <br />security shall be reduced or released by City only in the manner provided by the City Engineer. No change, <br />alteration or addition to the terms of this Agreement or the plans and specifications accompanying the same <br />shall in any manner affect the obligation of those providing improvement security pursuant to this <br />Agreement. <br />14. Maintenance Security: Concurrently with the completion and acceptance thereof, Owner <br />shall furnish the City a maintenance and repair security in a form acceptable to the City Engineer in the <br />amount of One Hundred and Twenty Three Thousand, Five Hundred and Fifty DOLLARS and Fifty Three <br />Cents ($123,550.53), to guarantee that all areas improved are free from defect for a period of one year after <br />initial acceptance of entire work by the City. In the event Owner fails, neglects or refuses to maintain said <br />areas, City is hereby authorized to expend all or any portion of said deposit during construction and during <br />the one year maintenance period to accomplish the above. <br />STANDARD PUBLIC IMPROVEMENT AGREEMENT Page 5of14