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Sixty Thousand and Six Hundred Forty Two dollars ($1,260,642.00). Owner shall likewise, prior <br /> to the commencement of any work on the Improvements, furnish and file with the City Clerk a <br /> bond, deposit, or instrument of credit of the kind described in Sections 66499, et seq., of the <br /> Government Code securing the payment by Owner of all bills for labor and materials incurred in <br /> the construction of the Improvements and the doing of all other work herein agreed to be done <br /> by Owner, with respect to the Improvements. The amount of said security shall be One Million <br /> Two Hundred Sixty Thousand and Six Hundred Forty Two dollars ($1,260,642.00).. The <br /> aforementioned security shall include, in addition to the principal amounts, a guarantee of the <br /> payment of costs and reasonable expenses and fees, including reasonable attorneys' fees, <br /> incurred by City in the event of successful enforcement of such security. All bonds shall be <br /> issued by a corporate surety admitted in the State of California. Bonds or instruments of credit <br /> shall be furnished and filed by the Owner. <br /> 3. Hold Harmless. Owner shall indemnify, defend and hold harmless the City, its <br /> Council, boards, commissions, officers, agents, employees and volunteers, from and against <br /> any and all liability, loss, damage, expense, costs (including without limitation, costs and fees of <br /> litigation) of every nature arising out of or in connection with Owner's perFormance of work <br /> hereunder or its failure to comply with any of its obligations contained in the agreement, except <br /> such loss or damage which was caused by the sole negligence or willful misconduct of the City. <br /> Notwithstanding any provision in this Agreement to the contrary, for so long as the Property is <br /> subject to a loan insured by the United States Department of Housing and Urban Development <br /> ("HUD"), any obligation of Owner to provide indemnification under this Agreement shall be <br /> limited to (i) coverage afforded under liability insurance and (ii) available "surplus cash" of <br /> Owner as such term is defined in the HUD-Regulatory Agreement. Further, any indemnification <br /> obligation under this Agreement shall not apply to HUD to the extent that: 1) HUD acquires title <br /> of the Property, or 2) HUD is an insurer or holder of a security instrument upon the Property. <br /> ATTY/AGR/2012.070/134 MAPLE IMPROVEMENTAGREEMENT <br /> REV:06-04-12 VR <br /> Page 3 of 9 <br />