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<br />CES:djm 10/10/89 (089/#25) <br /> <br />(b) Before the release of said final map by City for <br />recordation, Owner shall furnish to City and file with the <br />City Clerk a good and sufficient security in a form subject <br />to the approval of the City Attorney, securing the faithful <br />performance of said Owner of all work and construction of <br />all improvements designated or mentioned in said agreement, <br />within the time therein specified, the amount of said <br />security to be Two Million Eight Hundred Ninety Thousand and <br />No/100 Dollars ($2,890.000.00); and shall also furnish to <br />City and file with the City Clerk, a good and sufficient <br />security in a form subject to the approval of the City <br />Attorney securing the payment by Owner of all bills for <br />labor and materials incurred in the construction of any and <br />all said improvements, and the doing of all other work <br />therein agreed to be done by Owner, the amount of said <br />security to be Two Million Eight Hundred Ninety Thousand and <br />No/100 Dollars ($2,890,000.00) . Owner may furnish <br />substitute security in conformance with Section 66499 et. <br />seq. of the Government Code, under the provisions of the <br />Agreement for Improvements of Lakeside Subdivision Unit No. <br />1. OWner shall have prepared complete " as built" plans <br />prior to the release of the above described security. <br /> <br />(c) Before the release of said final map by City for <br />recordation, Owner shall undertake to guarantee for one (1) <br />year the workmanship and materials of all work and <br />construction of all improvements designated or mentioned in <br />said agreement. After the release of said final map but <br />before acceptance of the improvements by City, Owner shall <br />furnish to City and file with the City Clerk a good and <br />sufficient security in a form subject to the approval of the <br />City Attorney, securing the faithful performance by OWner of <br />all such maintenance work, the amount of said security to be <br />Two Hundred Eighty-Nine Thousand and No/IOO Dollars <br />($289,000.00). Said security shall be effective for a <br />period of one (1) year after acceptance of the improvements <br />by City's Council. <br /> <br />2 <br /> <br />11167 <br />