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<br />(a) Before the commencement of any construction of the Improvements <br /> <br />defined and specified in the Agreement, Ground Lessee shall furnish to City and <br /> <br />file with the City Clerk, a bond or deposit securing the faithful performance of <br /> <br />said Ground Lessee of all work and construction of all improvements designated <br /> <br />or mentioned in said Agreement, within the time therein specified, in the amount <br /> <br />of Five Hundred Thousand and No/100 Dollars ($500,000.00); and Ground <br /> <br />Lessee shall also furnish to City and file with the City Clerk, a bond or deposit <br /> <br />securing the payment by Ground Lessee of all bills for labor and materials <br /> <br />incurred in the construction of any and all said improvements, and the doing of <br /> <br />all other work therein agreed to be done by Ground Lessee, in the amount of <br /> <br />Five Hundred Thousand and No/100 Dollars ($500,000.00). Ground Lessee <br /> <br />shall have prepared and delivered to City complete "as built" plans for said <br /> <br />improvements prior to the release of said bond or deposit. <br /> <br />(b) Ground Lessee shall deposit Forty Thousand and No/100 Dollars <br /> <br />($40,000.00) for plan checking, engineering, inspection, laboratory and field <br /> <br />testing, water supply, and all other applicable fees and charges. Any part of the <br /> <br />deposit not utilized by City for payment of its services shall be returned to <br /> <br />Ground Lessee. Ground Lessee understands and agrees that the amount of <br /> <br />said deposit is an estimate and agrees to pay any additional amount for the <br /> <br />aforesaid services provided by City within ten (10) days after billing by the City <br /> <br />Collector. <br /> <br />1111111111111111111111111111111111111111111111111111111 ~~~~~~ ~rr~764 <br /> <br />F: \sha red\Redwood\Cou neil\ <br />Reso-954 <br />FXS:ep <br />07/27100, 08/02/00R; 08/14/00RR <br /> <br />2 <br /> <br />13965 <br />