Agmt01 Pacific Shores De... (2) - Laserfiche WebLink

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and all other work, improvements, or construction required by or mentioned in the above-mentioned plans and specifications, conditions of permits and all construction, appurtenances, and improvements necessary as reasonably determined by the City Engineer, Engineering and Construction to complete the aforementioned improvements. 2. Security. Owner shall, prior to the commencement of any work on the Improvements, furnish to City and file with the City Clerk a bond or instrument of credit of the kind described in Section 66499, et seq., of the Government Code, securing the faithful performance of all work and the construction of the Improvements mentioned in this Agreement within the time herein specified. The amount of said security shall be One Million Six Hundred Two Thousand and No/100 Dollars ($1,602,000.00). Owner shall likewise, prior to the commencement of any work on the Improvements, furnish and file with the City Clerk a bond, deposit, or instrument of credit of the kind described in Sections 66499, et seq., of the Government Code securing the payment by Owner of all bills for labor and materials incurred in the construction of the Improvements and the doing of all other work herein agreed to be done by Owner, with respect to the Improvements. The amount of said security shall be One Million Six Hundred Two Thousand and No/100 Dollars ($1,602,000.00). The aforementioned security shall include, in addition to the principal amounts, a guarantee of the payment of costs and reasonable expenses and fees, including reasonable attorneys' fees, incurred by City in the event of successful enforcement of such security. All bonds shall be issued by a Agmt-454 3 F:\sh\sh\Redwood\Council FXS:djk 02/26/01