Agmt98 Irvine Apartment ... (2) - Laserfiche WebLink

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corporation ("RIAB"), dated as of , 1998, City shall acquire said property interests in the Street Parcel in furtherance of the public interest and necessity. Upon acquisition of property interests sufficient to provide for the construction of the Street Improvements, City shall notify Irvine thereof, and issue the notice to proceed described in paragraph 1. The parties expressly acknowledge that, in entering into this Agreement, Irvine shall not assume, and has not assumed, any obligation of RIAB under the Agreement hereinabove referenced. 3. Security. Irvine shall, prior to the commencement of construction of the Street Improvements, furnish to City and file with the City Clerk a bond or instrument of credit of the kind described in Section 66499, et seq., of the Government Code, securing the faithful performance of all work for the construction of the Street Improvements within the time specified in paragraph 1 The amount of said security shall be Five Hundred Thirty-nine Thousand Dollars ($539,000). Irvine shall, likewise prior to the commencement of the construction of the Street Improvements, furnish and file with the City Clerk a bond, deposit, or instrument of credit of the kind described in said Section 66499, et seq., securing the payment by Irvine of all bills for labor and materials incurred in the construction of the Street Improvements and the performance of all other work herein agreed to be done by Irvine with respect to the Street Improvements. The amount of said security shall be Five Hundred Thirty-nine Thousand Dollars ($539,000). The aforementioned security shall include, in addition to the G:~shared~Redwood\Council 4 Agmt-142 DES:rg 03/09/98;03/13/98R ,04/10/98R; 05/07/98R R R:06./01/98R R R R