Agmt96 Shapell Industries - 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 to complete the aforementioned improvements. 2. Security. Owner shall, prior to the commencement of any work of improvement 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 Two Hundred Sixty-nine Thousand Dollars ($269,000). Owner shall likewise, prior to the commencement of any work of improvement 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 Two Hundred Sixty-nine Thousand Dollars ($269,000). 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. G :\shared\Redwood\Council 3 Agmt-030 FXS:rg 09/09/96 ..-.-..