Reso 1997-076 to 080 - Laserfiche WebLink

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13. Improvement Security. Concurrently with the execution hereof Subdivider shall furnish City: (a) Improvement security in the sum of THREE HLivDRED SIXTY-SEVEN THOUSAND DOLLARS (S367,000.00), which sum is equal to one hundred percent (100%), of the estimated cost of constructing the "required improvements" and the cost of any other obligation to be performed by Subdivider hereunder, securing the faithful performance of this Agreement. (b) Separate improvement security in the sum of THREE HUNDRED SIXTY SEVEN THOUSAND DOLLARS ($367,000.00), which sum is equal to one hundred percent (100%) of the estimated cost of constructing the required improvements, security payment to the contractor, his subcontractor and to persons furnishing labor, materials or equipment to them for the construction of the required improvements, and for the payment of amounts due under the Unemployment Insurance Act with respect to such work or labor in connection with the installation of such improvements. The form of the improvement security shall be subject to the approval of the City Attorney. Improvement security shall be reduced or released by City only in the manner provided by the Subdivision Regulations of City. No change, alteration or addition to the terms of this Agreement or the plans and specifications accompanying the same shall in any manner affect the obligation of those providing improvement security pursuant to this Agreement. 14. Maintenance Security. Subdivider shall furnish the City a maintenance and repair security in a form acceptable to the City Engineer in the amount of SEE PARAGRAPH 25., HEREOF, to guarantee that all areas to be improved are free from defect for a period of one year F:\S\ROBTSLND\T`166652A\SUB L%IP'..-\G R Page 7 of 22