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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 <br />estimated cost of constructing the required improvements and the cost of any other obligation to be <br />performed by Owner hereunder, securing the faithful performance of this Agreement. <br />b) Separate improvement security in the sum of Seven Hundred and Ninety Four <br />Thousand, Four Hundred and Twenty DOLLARS ($ 794,420.00), which sum is equal to one hundred <br />percent (100%) of the estimated cost of constructing the required improvements, security payment to the <br />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. <br />Prior to the issuance of any building permit contemplated by this Agreement the Owner shall furnish to City <br />a maintenance and repair security in a form acceptable to the City Engineer in the amount of Seventy Nine <br />Thousand Four Hundred and Forty Two DOLLARS ($ 79,442.00), to guarantee that all areas to be <br />improved are free from defect for a period of one year after initial acceptance of entire work by the City. In <br />the event Owner fails, neglects or refuses to maintain said areas, City is hereby authorized to expend all or <br />any portion of said deposit during construction and during the one year maintenance period to accomplish <br />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 />STANDARD PUBLIC IMPROVEMENT AGREEMENT Page 5 of 13 <br />Draft 1-1/29/2014;SL 4/23/2014