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<br />l\ p, ,-iD <br /> <br />2. <br /> <br />Security. <br /> <br />Owner shall, prior to the commencement of any work of <br /> <br />improvement on the Improvements, furnish to City and file with the City Clerk a bond or <br /> <br />instrument of credit of the kind described in Section 66499, et seq., of the Government <br /> <br />Code, securing the faithful performance of all work and the construction of the <br /> <br />Improvements mentioned in this Agreement within the time herein specified. <br /> <br />The <br /> <br />amount of said security shall be Six Million three Hundred Thousand and No/100 <br /> <br />Dollars ($6,300,000.00). Owner shall likewise, prior to the commencement of any work <br /> <br />of improvement on the Improvements, furnish and file with the City Clerk a bond, <br /> <br />deposit, or instrument of credit of the kind described in Sections 66499, et seq., of the <br /> <br />Government Code securing the payment by Owner of all bills for labor and materials <br /> <br />incurred in the construction of the Improvements and the doing of all other work herein <br /> <br />agreed to be done by Owner, with respect to the Improvements. The amount of said <br /> <br />security shall be Six Million Three Hundred Thousand and No/100 Dollars <br /> <br />($6,300,000.00). The aforementioned security shall include, in addition to the principal <br /> <br />amounts, a guarantee of the payment of costs and reasonable expenses and fees, <br /> <br />including reasonable attorneys' fees, incurred by City in the event of successful <br /> <br />enforcement of such security. All bonds shall be issued by a corporate surety admitted <br /> <br />in the State of California. <br /> <br />3. Hold Harmless. Owner shall protect, indemnify, and hold harmless the City, <br /> <br />its Council, boards, commissions, officers, agents, and employees, from and against <br /> <br />any and all liability, losses, damages, claims, causes of action, or actions arising out of <br /> <br />any accident, occurrence or incident resulting from, or alleged to have resulted from the <br /> <br />construction of any of the Improvements by Owner, the negligent performance of any <br /> <br />contractual responsibility of Owner, or any negligent action of Owner undertaken by <br /> <br />3 <br /> <br />SH/RWC/Council <br />Agmt-361 <br />06/05/00 <br />FXSIfs <br /> <br />. <br />