Agmt98 Irvine Apartment Communi - Laserfiche WebLink

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and all other work, improvements, or construction required by or mentioned in the abovementioned plans and specifications, conditions of permits and all construction, appurtenances and improvements necessary as reasonable determined by the Manager, Engineering and Construction to complete the aforementioned improvements, both within and outside of the abovementioned subdivision. 2. SECURITY. Owner shall, before the release of said final map by City for recordation, furnish to City and file with the City Clerk a bond or deposit securing the faithful performance by Owner of all work and the construction of the Improvements mentioned in this agreement within the time herein specified. The amount of said security shall be Two Million Five Hundred Seventy-two Thousand and No/100 Dollars ($2,572,000.00). Owner shall likewise, before the release of said map, furnish and file with the City Clerk a bond or deposit securing the payment by Owner of all bills for labor and materials incurred in the construction of the Improvements and the doing of all other work herein agreed to be done by Owner, with respect to the Improvements. The an~ount of said security shall be Two Million Five Hundred Seventy-two Thousand and No/100 Dollars ($2,572,000.00). The aforementioned security shall include, in addition to the principal amounts, a guarantee of the payment of costs and reasonable expenses and fees, including reasonable attorneys fees, incurred by City in the event of successful enforcement of such security. 3. HOLD HARMLESS. Owner shall protect, indemnify, and hold harmless the City, its Council, boards, commissions, officers, agents, and employees, from and against any and all liability, losses, damages, claims, causes of action, or actions arising out of any accident, occurrence or incident resulting from, or alleged to have resulted from the construction of any of the Improvements by Owner, the negligent performance of any contractual responsibility of Owner, or any negligent action of Owner undertaken by Owner as a -3- Agmt-201 DES:djk F:/Shared/Redwood/Council/Agmt 09/15/98 09/21/98R