Agmt01 Pacific Shores Develop. - Laserfiche WebLink

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8. Security to Insure Guarantee. Owner agrees, as a condition precedent to City's acceptance of any of the Improvements which are the subject of this Agreement, to furnish and file with the City Clerk a bond or deposit in the amount of One Hundred Forty-three Thousand Nine-hundred and No/100 Dollars ($143,900.00) for all expressly conditioned Improvements to secure Owner's compliance with the provisions of Paragraph 7 hereof, for a period of one (1) year after final acceptance of the work done under this Agreement. The bond or deposit shall be furnished by Owner. 9. Deposit for Plan Check and Inspection. Owner shall deposit with City the sum of Fifty-one Thousand Eight Hundred and No/100 Dollars ($51,800.00) ("Deposit"), less all amounts previously paid to City by Owner for such services, to compensate City for all engineering, inspection, plan check, laboratory and field testing, construction, and other services furnished by City in connection with the Improvements. Owner understands that the Deposit is an estimate and further agrees to pay to City the actual cost of providing such services, in accordance with the City's current fees. Owner agrees to complete payment of such additional sum or sums for the services provided by City, if any, within ten (10) days after billing by City of the additional sum to be paid and agrees that the amount payable shall be increased by ten (10) percent in the event payment is not made within such ten (10) day period. Any part of the Deposit or such additional sum or sums not utilized by City shall be returned promptly to Owner. 10. Time Extensions/Immunity from Acts of God. Owner shall not be in default of any provision of this Agreement or subject to any penalty hereunder where timely performance or timely compliance is prevented by Acts of God, including natural disasters, and/or unusually inclement weather, civil emergencies, inability to obtain Agmt-468 7 F:\sh\sh\Redwood\Council FXS:djk 03/26/01