Agmt97 Flatirons Funding (2) - Laserfiche WebLink

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9. SECURITY TO INSURE GUARANTEE. As a condition precedent to City's acceptance of any of the Improvements or Related Work, Owner shall furnish and file with the City Clerk a bond or deposit meeting the requirements of Section 66499 of the Government Code in the amount of $194,000 securing the faithful performance by Owner of its obligation to comply with Paragraph 8 for a period of one (1) year after final acceptance of the work done under this Agreement. 10. DEPOSIT FOR PLAN CHECK AND INSPECTION. Before the City Council of City acts on the approval of the Final Map and as a condition precedent to City Council's approval of the Final Map, Owner shall deposit with City the total sum of $61,310 (the "Deposit") less all amounts previously paid to City by Owner for such services, to compensate City for all engineering, inspection, plan check, laboratory and field testing, construction and other services furnished by City in connection with the Improvements and Related Work The Deposit is an estimate, and Owner shall pay to City the actual cost of providing these services, in accordance with the City's current fees. Owner shall pay any additional sum for these services within 10 days after billing by City for the additional sum. The amount payable increases by 10% if payment is not made within that 10-day period. Any part of the Deposit or any additional sum or sums not used by City must be returned promptly to Owner. 11. IMMUNITY FROM ACTS OF GOD. Owner is not in default under this Agreement or subject to any penalty where timely performance or timely compliance is prevented by Acts of God, including natural disasters, and/or unusually inclement weather, civil emergencies, inability to obtain materials (except -7-