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<br />exceptions and time extensions allowable under paragraph 10, on or before December <br /> <br />31,2013. <br /> <br />2. Security. Owner shall, prior to the commencement of any work on the <br /> <br />Improvements, furnish to City and file with the City Clerk a bond or instrument of credit <br /> <br />of the kind described in Section 66499, et seq., of the Government Code, securing the <br /> <br />faithful performance of all work and the construction of the Improvements mentioned in <br /> <br />this Agreement within the time herein specified. The amount of said security shall <br /> <br />be Four million nine hundred ninety one thousand nine hundred eighty one dollars <br /> <br />($4,991,981.00). Owner shall likewise, prior to the commencement of any work on the <br /> <br />Improvements, furnish and file with the City Clerk a bond, deposit, or instrument of <br /> <br />credit of the kind described in Sections 66499, et seq., of the Government Code <br /> <br />securing the payment by Owner of all bills for labor and materials incurred in the <br /> <br />construction of the Improvements and the doing of all other work herein agreed to be <br /> <br />done by Owner, with respect to the Improvements. The amount of said security shall <br /> <br />be Four million nine hundred ninety one thousand nine hundred eighty one dollars <br /> <br />($4,991,981.00) The aforementioned security shall include, in addition to the principal <br /> <br />amounts, a guarantee of the payment of costs and reasonable expenses and fees, <br /> <br />including reasonable attorneys' fees, incurred by City in the event of successful <br /> <br />enforcement of such security. All bonds shall be issued by a corporate surety admitted <br /> <br />in the State of California. Bonds or instruments of credit shall be furnished and filed by <br /> <br />the Owner. <br /> <br />3. Hold Harmless. Owner shall indemnify, defend and hold harmless the City, <br /> <br />its Council, boards, commissions, officers, agents, employees and volunteers, from and <br /> <br />A TTY/AGR/201 0.057 <br />080610 <br /> <br />3 <br />