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Manager to complete the aforementioned improvements, both within and outside of the <br />abovementioned subdivision. <br /> <br /> 2. SECURITY. Owners shall, before the release of said parcel map by City for <br /> <br />recordation, furnish to City and file with the City Clerk a bond or deposit securing the faithful <br />performance by Owners of all work and the construction of the Improvements mentioned in this <br />agreement within the time herein specified. The amount of said security shall be One Million <br />Two Hundred Twenty Thousand and No/100 Dollars ($1,220,000.00). Owners shall likewise, <br />before the release of said map, furnish and file with the City Clerk a bond or deposit secudng <br />the payment by Owners of all bills for labor and materials incurred in the construction of the <br />Improvements and the doing of all other work herein agreed to be done by Owners, with <br />respect to the Improvements. The amount of said secudty shall be One Million Two Hundred <br />Twenty Thousand and No/100 Dollars ($1,220,000.00). The aforementioned security shall <br />include, in addition to the principal amounts, a guarantee of the payment of costs and <br />reasonable expenses and fees, including reasonable attorneys fees, incurred by City in the <br />event of successful enforcement of such secudty <br /> <br /> 3. HOLD HARMLESS. Owners shall protect, indemnify, and hold harmless the <br />City, its Council, boards, commissions, officers, agents, and employees, from and against any <br />and all liability, losses, damages, claims, causes of action, or actions adsing out of any <br />accident, occurrence or incident resulting from, or alleged to have resulted from the <br />construction of any of the Improvements by Owners, the negligent performance of any <br />contractual responsibility of Owners, or any negligent action of Owners undertaken by Owners <br />as a result of, or in the furtherance of, such construction or other responsibility of Owners. <br />Owners shall also protect, indemnify and hold harmless the above parties for any liability from <br />and against claims and liability based upon the use of any patent or patented article by <br />Owne[s in the construction of said work or Improvements. Owners' duty to defend and hold <br /> <br /> <br />