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<br />DES:djk 08/07/96 <br /> <br />(027/70) <br /> <br />control, civil emergencies, natural disasters, or similar acts or <br /> <br />events. <br /> <br />9. <br /> <br />SECURITY <br /> <br />TO <br /> <br />INSURE <br /> <br />GUARANTEE. <br /> <br />Owner <br /> <br />agrees, <br /> <br />as <br /> <br />a <br /> <br />condition <br /> <br />precedent <br /> <br />to <br /> <br />City's <br /> <br />acceptance <br /> <br />of <br /> <br />any <br /> <br />of <br /> <br />the <br /> <br />Improvements which are the subject of this agreement, to furnish <br /> <br />and file with the City Clerk a bond or deposit in the amount of <br /> <br />Four Hundred Fifty-five Thousand and No/IOO Dollars ($455,000.00) <br /> <br />for <br /> <br />all <br /> <br />expressly <br /> <br />conditioned <br /> <br />Improvements <br /> <br />to <br /> <br />secure <br /> <br />Owner's <br /> <br />c.D <br />en <br /> <br />compliance <br /> <br />with <br /> <br />the <br /> <br />provisions <br /> <br />of <br /> <br />Paragraph <br /> <br />8 <br /> <br />hereof, <br /> <br />for <br /> <br />a <br /> <br />N <br />W <br />Ul <br />t~ <br />en <br /> <br />period of one <br /> <br />(1) <br /> <br />year after final acceptance of the work done <br /> <br />under this agreement. <br /> <br />10. <br /> <br />DEPOSIT <br /> <br />FOR PLAN <br /> <br />CHECK AND <br /> <br />INSPECTION. <br /> <br />Owner <br /> <br />shall <br /> <br />deposit with <br /> <br />City <br /> <br />the <br /> <br />sum <br /> <br />of <br /> <br />One <br /> <br />Hundred <br /> <br />Ten <br /> <br />Thousand <br /> <br />Nine <br /> <br />Hundred and No/ 100 Dollars <br /> <br />($110,900.00) <br /> <br />("Deposit") , <br /> <br />less all <br /> <br />amounts previously paid to City by Owner for such services, <br /> <br />to <br /> <br />compensate <br /> <br />City <br /> <br />for <br /> <br />all <br /> <br />engineering, <br /> <br />inspection, <br /> <br />plan <br /> <br />check, <br /> <br />laboratory and field testing, <br /> <br />construction, <br /> <br />and other services <br /> <br />furnished by City in connection with the Improvements for the <br /> <br />said <br /> <br />subdivision. <br /> <br />Owner <br /> <br />understands <br /> <br />that <br /> <br />the <br /> <br />Deposit <br /> <br />is <br /> <br />an <br /> <br />estimate and further agrees to pay to City t.he actual cost of <br /> <br />providing such services, <br /> <br />in accordance with the City's current <br /> <br />fees. <br /> <br />Owner agrees to complete payment of such additional sum or <br /> <br />sums for the services provided by City, if any, within ten (10) <br /> <br />days after billing by City of the additional sum to be paid and <br /> <br />agrees that the amount payable shall be increased by ten percent <br /> <br />(10%) <br /> <br />in the event payment is not made within such ten (10) day <br /> <br />period. <br /> <br />Any part of the Deposit or such additional sum or sums <br /> <br />not utilized by City shall be returned promptly to Owner. <br /> <br />8 <br />