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or fumishing 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 Securitv 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 Ciry 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 /> ATTYIAGRI2012.014lSUBDIVISION IIMPROVEMENT AGREEMENT 333 MAIN STREET <br /> REV:VR 01/30/12 <br /> Page 4pf 74 <br />