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6. 1. B. - Page 9 <br />or furnishing labor or materials to them or to the Owner. The amount of said security <br />shall be One Million, Three Hundred Sixty -Eight -Thousand and No /100 Dollars <br />($1,368,000.00). <br />(3) For Security to Insure Guarantee. Owner agrees, as a condition <br />precedent to City's acceptance of any of the Improvements which are the subject of this <br />Agreement, to furnish and file with the City Clerk a bond or deposit in the amount of <br />One Hundred Thirty -Six Thousand, Eight Hundred and No /100 Dollars ($136,800.00) for <br />all expressly conditioned Improvements to secure Owner's compliance with the <br />provisions of Paragraph 9 hereof, for a period of one (1) year after final acceptance of <br />the work done under this Agreement. The form of this security shall be subject to the <br />City's prior approval. <br />B. If the improvement security is a corporate surety bond and, in the opinion of <br />the City, any surety or sureties thereon become insufficient, the Owner shall renew or <br />replace any such surety with good and sufficient surety or sureties within ten (10) days <br />after receiving from City written demand thereof. <br />C. Improvement security consisting of corporate surety bonds shall be kept on <br />file with the City Engineer. If a corporate surety bond is replaced by another approved <br />bond, the replacement shall be filed with the City Engineer and made a part of an <br />incorporated into this Agreement. Upon filing and approval by the City Engineer of a <br />replacement bond, the former improvement security shall be released. <br />D. Modifications of the Improvements Plans and related specifications, and <br />modifications of the Improvements, not exceeding ten percent (10 %) of the original <br />Estimated Total Cost of the Improvements, shall not relieve or release any improvement <br />ATTY /AGR/2012.014 /SUBDIVISION (IMPROVEMENT AGREEMENT 333 MAIN STREET <br />REV:VR 01/30/12 <br />Page 4 of 14 <br />