Reso 1997-131 to 135 - Laserfiche WebLink

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12. No Waiver by the City; Final Acceptance. Inspection of the work and/or materials, or approval of work and/or materials inspected, use of the work by the public as public right-of-way, or statement by any officer, agent, or employee of the City indicating the work complies with the requirements of this Agreement, shall not relieve the Subdivider from the obligation to fulfill the Agreement as prescribed herein. Acceptance of any part or stage of said improvements shall not be final until a written notice of acceptance of all the improvements shall have been delivered to Subdivider. 13. Improvement Security. Concurrently with the execution hereof Subdivider shall furnish City: (a) Improvement security in the sum of THREE HUNDRED FIFTY-FOUR THOUSAND AND EIGHT HUNDRED FIFTY-THREE DOLLARS ($354.853.00), 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 FIFTY- FOUR THOUSAND AND EIGHT HUNDRED FIFTY-THREE DOLLARS ($354,853.00), 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 TRACT MAP 6533 MARINA VISTA - PHASE 5 SUBDIVISION IMPROVEMENT AGREEMENT C:\MAPS\TM6533\SUBR-APAG.DOC R