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<br /> DES:djk 06/04/96 (013/70) <br />specified. The amount of said security shall be Two Million Five <br />Hundred Thirty Thousand and No/lOO Dollars ($2,530,000.00) . <br />Owner shall likewise, before the release of said map, furnish and <br />file with the City Clerk a bond or deposit securing the payment <br />by Owner of all bills for labor and materials incurred in the <br />construction of the Improvements and the doing of all other work <br />herein agreed to be done by Owner, with respect to the <br />Improvements. The amount of said security shall be Two Million <br />Five Hundred Thirty Thousand and No/I00 Dollars ($2,530,000.00) . <br />The aforementioned security shall include, in addition to the <br />principal amounts, a guarantee of the payment of costs and <br />reasonable expenses and fees, including reasonable attorneys <br />fees, incurred by City in the event of successful enforcement of <br />such security. <br /> 3. HOLD HARMLESS. Owner shall protect, indemnify, and <br />hold harmless the City, its Council, boards, commissions, <br />officers, agents, and employees, from and against any and all <br />liability, losses, damages, claims, causes of action, or actions <br />arising out of any accident, occurrence or incident resulting <br />from, or alleged to have resulted from the construction of any of <br />the Improvements by Owner, the negligent performance of any <br />contractual responsibility of Owner, or any negligent action of <br />Owner undertaken by Owner as a result of, or in the furtherance <br />of, such construction or other responsibility of OWner. Owner <br />shall also protect, indemnify and hold harmless the above parties <br />for any liability from and against claims and liability based <br /> 4 <br /> r <br />