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<br />DES:djk D7/07/98 <br /> <br />(013/70) <br /> <br />2. <br /> <br />SECURITY. <br /> <br />Owner <br /> <br />shall, <br /> <br />before <br /> <br />the <br /> <br />release <br /> <br />of <br /> <br />said <br /> <br />final map by City for recordation, furnish to City and file with <br /> <br />the <br /> <br />City <br /> <br />Clerk <br /> <br />a <br /> <br />bond <br /> <br />or <br /> <br />deposit <br /> <br />securing <br /> <br />the <br /> <br />faithful <br /> <br />performance <br /> <br />by Owner <br /> <br />of all work <br /> <br />and <br /> <br />the <br /> <br />construction <br /> <br />0 f the <br /> <br />Improvements mentioned in this Agreement within the time herein <br /> <br />specified. <br /> <br />The amount of said security shall be One Million One <br /> <br />Hundred Ten Thousand and No/100 Dollars <br /> <br />($1,110,000.00) . <br /> <br />Owner <br /> <br />shall likewise, before the release of said map, furnish and file <br /> <br />wi th the City Clerk a bond or deposit securing the payment by <br /> <br />Owner <br /> <br />of <br /> <br />all <br /> <br />bills <br /> <br />for <br /> <br />labor <br /> <br />and <br /> <br />materials <br /> <br />incurred <br /> <br />in <br /> <br />the <br /> <br />construction of the Improvements and the doing of all other work <br /> <br />herein <br /> <br />agreed <br /> <br />to <br /> <br />be <br /> <br />done <br /> <br />by <br /> <br />Owner, <br /> <br />with <br /> <br />respect <br /> <br />to <br /> <br />the <br /> <br /> <br />Improvements. <br /> <br />The amount of said security shall be One Million <br /> <br />One Hundred Ten Thousand and No/100 Dollars ($1,110,000.00). <br /> <br />The <br /> <br />aforementioned <br /> <br />security <br /> <br />shall <br /> <br />include, <br /> <br />in <br /> <br />addition <br /> <br />to <br /> <br />the <br /> <br />principal <br /> <br />amounts, <br /> <br />a <br /> <br />guarantee <br /> <br />of <br /> <br />the <br /> <br />payment <br /> <br />of <br /> <br />costs <br /> <br />and <br /> <br />reasonable <br /> <br />expenses <br /> <br />and <br /> <br />fees, <br /> <br />including <br /> <br />reasonable <br /> <br />attorneys <br /> <br />fees, incurred by City in the event of successful enforcement of <br /> <br />such security. <br /> <br />3. <br /> <br />HOLD <br /> <br />HARMLESS. <br /> <br />Owner <br /> <br />shall <br /> <br />protect, <br /> <br />indemnify, <br /> <br />and <br /> <br />hold <br /> <br />harmless <br /> <br />the <br /> <br />City, <br /> <br />its <br /> <br />Council, <br /> <br />boards, <br /> <br />commissions, <br /> <br />officers, <br /> <br />agents, <br /> <br />and employees, <br /> <br />from and against any and all <br /> <br />liability, losses, damages, claims, causes of action, or actions <br /> <br />arising <br /> <br />out of <br /> <br />any <br /> <br />accident, <br /> <br />occurrence <br /> <br />or <br /> <br />incident <br /> <br />resulting <br /> <br />from, or alleged to have resulted from the construction of any of <br /> <br />the <br /> <br />Improvements <br /> <br />by <br /> <br />Owner, <br /> <br />the <br /> <br />negligent <br /> <br />performance <br /> <br />of <br /> <br />any <br /> <br />4 <br />