Deed - 1348 & 1364 Orchard Ave - File 1137, 1985

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6. Hold Harmless Clause. Owner hereby agrees to, and shall, hold the Citv, its officials, officers, directors, employees and agents harmless from and against any or all loss, liability, expense, claim, costs, suits, and damages of every kind, nature and description directly or indirectly arising from the performance of the work from Owner, Owner's contractors or subcontractors. Approval of the insurance contracts does not relieve the Owner or subcontractors from liability under this. Hold Harmless Clause. 7. Performance Bond. Concurrently with the execution hereof, Owner shall obtain and file with City a good and sufficient surety bond in favor of City, issued by a Surety Company authorized to do business in the State of California, and in a form approved by the City, securing the faithful performance of Owner of the design and construction of public improvements required, in the penal sum of Five Thousand Five Hundred Dollars ($ 5,500 .00 1 or in lieu thereof deposit a like sum in cash with Citv or deposit said sum in escrow with a lending or banking institution authorized to do business in the State of California. When payment is made in escrow, the instructions covering said escrow shall be in a form approved by City. 8. Labor and Materials Bond. Concurrently with the execution hereof, Owner shall also obtain and file with City a good and sufficient surety bond issued by a surety company authorized to do business in the State of California and in a form approved by City, securing payment to the contractor, his subcontractors and the persons renting equipment or furnishing labor or materials to them for the improvement in the penal sum of Fi ve Thousand Fi ve Hundred Dol 1 ars ($5 , 500 .00 ), or in lieu thereof Owner may deposit a like sum in cash with City or deposit said sum in escrow with a title insurance company or with a lending or banking institution authorized to do business in the State of California, or submit any other form of