RecDoc2023-001826 242 Walnut Street

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of the Work, will be present on the Property during the performance of the Work, and may not be changed without advance notification to and the concurrence of the City Engineer. 9. Examination of Work. All of the Work will be consistent with the Improvement Plans and performed to the satisfaction of the City Engineer, in their reasonable discretion. City and its authorized agents will, at all times during the performance of the Work, have free access to the Property and the Work and will be allowed to examine the Work and all materials used and to be used in the Work. 10. City Costs, De -posit. Developer will pay to City the actual cost for all engineering, inspection, administration, plan check, laboratory and field-testing, construction, and other services furnished by City in connection with this Agreement, including those performed by consultants under contract with City ("City Costs"). Developer will deposit with City the sum of eleven thousand two hundred forty three dollars and thirty four cents ($11,243.34) ("Deposit") to compensate City for all City Costs. Developer understands that the Deposit is an estimate and further agrees to pay to City the actual cost of providing such services, in accordance with City's current fees. Developer will complete payment of such additional sum or sums for the services provided by City, if any, within thirty (30) days after billing by City of the additional sum to be paid, and the amount payable will be increased by ten percent (10%) in the event payment is not made within such thirty (30) day period. Any part of the Deposit or such additional sum or sums not utilized by City will be returned promptly to Developer. 11. Completion of Work. After Developer (a) completes the Work in accordance with the Improvement Plans and the terms and conditions of this Agreement, (b) repairs any private or public property damaged as a result of the Work or pays the full cost of such repair to the owner whose property was damaged and (c) obtains the written acceptance of such repair or payment from any owner whose private property was repaired by Developer or to whom Developer paid the full cost of such repair, Developer will provide City with a written notice of completion, together with copies of all written acceptances. 12. Performance. Labor and Materials and Warrantv Securit 12.1 Developer shall post cash or a performance bond in the amount of $117,762.00 (100% of the estimated cost of improvements) to ensure satisfactory completion of Developer's work performed in, on or under any right-of-way or City property and to insure adequate maintenance of encroachments in accordance with the provided Faithful Performance 12.2 If the improvement security is a corporate surety bond and, in the opinion of City, any surety or sureties thereon become insufficient, Developer will renew or replace any such surety with good and sufficient surety or sureties within ten (10) days after receiving written demand thereof from City. 12.3 Improvement security consisting of corporate surety bonds will be kept on file with the City Engineer. If a corporate surety bond is replaced by another REV: 09-23-22 JB ATTY/AGR.2022.359/PBA II, LLC (242 Walnut Street) (Page 4 of 15)