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<br />and all other work, improvements, or construction required by or mentioned in <br /> <br />the above-mentioned plans and specifications, conditions of permits and all <br /> <br />construction, appurtenances, and improvements necessary as reasonably <br /> <br />determined by the City Engineer to complete the aforementioned improvements. <br /> <br />2. Securitv. 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 <br /> <br />bond or instrument of credit of the kind described in Section 66499, et seq., of <br /> <br />the Government Code, securing the faithful performance of all work and the <br /> <br />construction of the Improvements mentioned in this agreement within the time <br /> <br />herein specified. The amount of said security shall be One Hundred Twenty <br /> <br />Thousand Dollars ($120,000). Owner shall likewise, prior to the commencement <br /> <br />of any work of improvement on the Improvements, furnish and file with the City <br /> <br />Clerk a bond, deposit, or instrument of credit of the kind described in Sections <br /> <br />66499, et seq., of the Government Code securing the payment by Owner of all <br /> <br />bills for labor and materials incurred in the construction of the Improvements and <br /> <br />the doing of all other work herein agreed to be done by Owner, with respect to <br /> <br />the Improvements. The amount of said security shall be One Hundred Twenty <br /> <br />Thousand Dollars ($120,000). The aforementioned security shall include, in <br /> <br />addition to the principal amounts, a guarantee of the payment of costs and <br /> <br />reasonable expenses and fees, including reasonable attorneys' fees, incurred by <br /> <br />City in the event of successful enforcement of such security. <br /> <br />F: \shared\R edwood\Councii <br />Agmt-O86 <br />FXS:djk <br />06/05/97 <br /> <br />3 <br />