Agmt00 Pacific Shore Development, LLC

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or otherwise unsatisfactory part or parts of the Improvements or work. Should Owner fail to act promptly to make such repair, replacement, or reconstruction, or otherwise to act in accordance with this requirement to repair, replace, or reconstruct, or should the exigencies of the case require that repair, replacement, or reconstruction be made before Owner can be notified, the City may, at its option, make the necessary repair, replacement, or reconstruction or perform the necessary work, and Owner shall pay to City the actual cost of thereof plus fifteen (15) percent. Notwithstanding any provision to the contrary as set forth in this Agreement, Owner shall not be responsible for repair, replacement, or reconstruction of any Improvements, necessitated by Acts of God, acts of third parties (other than Owner, its agents, employees, or contractors) beyond Owner's ability to control, civil emergencies, natural disasters, or similar acts or events. 8. Security to Insure Guarantee. Owner agrees, as a condition precedent to City's acceptance of any of the Improvements which are the subject of this Agreement, to furnish and file with the City Clerk a bond or deposit in the amount of Three Hundred Five Thousand Nine Hundred and No/100 Dollars ($305,900.00) for all expressly conditioned Improvements to secure Owner's compliance with the provisions of Paragraph 7 hereof, for a period of one (1) year after final acceptance of the work done under this Agreement. The bond or deposit shall be furnished by Owner. 9. Deposit for Plan Check and Inspection. Owner shall deposit with City the sum of Eighty-two Thousand Six Hundred and No/100 Dollars ($82,600.00) ("Deposit"), Agmt-406 F:\sh\sh\Redwood\Council FXS:rg 10/03/00 7