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III. ASSURANCES <br />1. Letter of Credit For the purpose of assuring to the <br />City that the Improvements will be completed according to the terms <br />of this agreement, and that Subdivider will pay all claims for work <br />done and materials and supplies furnished, Subdivider has deposited <br />with the City at the time of the execution of this agreement cash, <br />certified funds or an irrevocable letter of credit in a form satisfactory <br />to the City in at least $5,000, providing that the City is able to draw <br />upon such funds or letter of credit in its sole discretion to complete <br />the Improvements as provided herein and to pay for all of the subdivision <br />costs as provided for herein. The City shall deposit same in an interest <br />bearing account. Upon completion of the Improvements, the City shall <br />refund to the Subdivider the unused portions of the principal amount <br />together with all interest thereon. <br />2. Hold Harmless and Indemnification The Subdivider shall <br />indemnify and hold harmless the City, the City Council, and the agents <br />and employees of the City from and against all claims, damages, losses <br />or expenses, including attorney fees, which the City, City Council <br />and agents and employees of the City may suffer or for which it may be <br />held liable, arising out of or resulting from the assertion against <br />• them of any claims, debts or obligations in consequence of the perfor- <br />mance of this agreement by the Subdivider, its employees, agents or <br />subcontractors, whether or not caused in part by a party indemnified <br />hereunder. <br />3. Disclaimer In the event that the Subdivider or his agent <br />does any of the above work, it is understood and agreed that the City, <br />the City Council, and the agents and employees of the City shall not <br />be personally liable or responsible in any manner to Subdivider, or <br />Subdivider's contractors, subcontractors, material suppliers, laborers, <br />or any other person, firm or corporation, for any debt, claim, demand, <br />damages, actions or causes of action of any kind or character arising <br />out of or by reason of the execution of this agreement or the performance <br />and completion of the Improvements. <br />Further, the Subdivider will cause each person who constructs <br />and installs any Improvements to furnish the City with the same evidence <br />of complete insurance coverage (including Workmen's Compensation, <br />liability and property damage) as is required on City contracted <br />construction jobs as determined by the general specifications now in use. <br />9 <br />