Common use of Improvement Security Clause in Contracts

Improvement Security. Concurrently with the execution hereof, Subdivider shall deposit with City an adequate and satisfactory improvement security which fully secures all the Subdivider’s obligations under this Agreement (the “Improvement Security”) in accordance with the provisions of Section 66499 of the Government Code of California, the City of Lancaster Subdivision Ordinance, Sections 16.32.020 of the Lancaster Municipal Code, and this Section. The Improvement Security shall be executed by a surety acceptable to the City and shall include the following: (1) security in an amount equal to at least one hundred percent (100%) of the estimated cost to complete the remaining Improvements (as evidenced by a Bond Estimate Form approved by the City Engineer), including City inspection costs and costs of enforcement of this Agreement (the “Cost of Improvements”) as security for the faithful performance of this Agreement; (2) separate security in an amount equal to at least fifty percent (50%) of the estimated Cost of Improvements as security for the payment of all persons performing labor and furnishing materials in connection with this Agreement; (3) separate security in an amount equal to Fifty Eight Thousand Dollars ($58,000.00) as security for grading; and (4) security in the amount of ten percent (10%) of the Cost of Improvements to guarantee the Improvements against defective work, labor or material for one (1) year following City’s acceptance of the Improvements (which may be provided by a retention provision in the security as set forth in Section 9). If, at any time after deposit of the Improvement Security, the surety on said securities is no longer acceptable to the City, Subdivider agrees to replace said securities with securities of equal or greater value or penal sum, issued by an acceptable surety within ten days after receiving notice that said surety is unacceptable.

Improvement Security. Concurrently with the execution hereof, Subdivider shall deposit with City an adequate and satisfactory improvement security which fully secures all the Subdivider’s 's obligations under this Agreement (the “"Improvement Security”") in accordance with the provisions of Section 66499 of the Government Code of California, the City of Lancaster Subdivision Ordinance, Sections 16.32.020 of the Lancaster Municipal Code, and this Section. The Improvement Security shall be executed by a surety acceptable to the City and shall include the following: : (1) security in an amount equal to at least one hundred percent (100%) percent of the estimated cost to complete the remaining of Improvements (as evidenced by a Bond Estimate Form approved by the City Engineer), including City inspection costs and costs of enforcement of this Agreement (the “"Cost of Improvements”") as security for the faithful performance of this Agreement; (2) separate security in an amount equal to at least fifty percent (50%) percent of the estimated Cost of Improvements as security for the payment of all persons performing labor and furnishing materials in connection with this Agreement; and (3) separate security in an amount equal to Fifty Eight Thousand Dollars ($58,000.00) as security for grading; and (4) security in the amount of ten percent (10%) percent of the Cost of Improvements to guarantee the Improvements against defective work, labor or material for one one (1) year following City’s 's acceptance of the Improvements (which may be provided by a retention provision in the security as set forth in Section 9). If, at any time after deposit of the Improvement Security, the surety on said securities is no longer acceptable to the City, Subdivider agrees to replace said securities with securities of equal or greater value or penal sum, issued by an acceptable surety within ten days after receiving notice that said surety is unacceptable.