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<br /> DES:djk OS/21/96 (010/70) <br />assessment district, or wi th in the scope of work proposed for such <br />other proceedings, Owners shall cooperate in the formation of such <br />assessment district or other proceedings and hereby waive any <br />objection to the formation thereof. <br /> 5. SECURITY, GUARANTEE. (a) Upon notification by City to <br />Owners to proceed with the construction of any or all of the Future <br />Improvements described in paragraph 1, Owners shall furnish to City <br />and file with the City Clerk a bond or deposit securing the faithful <br />performance by Owners of all such future work and construction <br />within the time specified by City, the principal amount of which (0 f <br /> 0') <br />security shall be equal to the costs of such construction as 0 <br /> --.J <br />determined by City. Owners shall likewise furnish and file with the - <br /> N <br />City Clerk a bond or deposit securing the payment by Owners of all N <br /> 0 <br />bills for labor, services, equipment, or materials furnished, or to <br />be furnished, in the construction of said Future Improvements, or <br />the doing of all other work herein agreed to be done by said OWners, <br />with respect to said improvements. The amount of said security shall <br />be equal to the costs of such construction as determined by City. <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 fees, <br />incurred by City in the event of successful enforcement of such <br />security. The form of such security shall be subject to the approval <br />of City's City Attorney. <br /> (b) In the event that Owners furnish a deposit instead of <br />bonds, said deposit need only be equal to the costs of construction <br />for said Future Improvements, provided, however, that said deposit <br /> 5 <br /> «.,.. ~.. <br />