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frpr 11 03 01 : 09p date the DISTRICT records a"Notice of Completion"for said completed portion of he WORK UNIT. The OWNER shall repair or remove and replace any and all WORK,togetzerwith any other WORK which may be displaced in so doing, that is found to be defective in workmanship and/or materials within said guarantee period,without expense whatsoever to the DISTRICT, ordinary wear, tear and unusual abuse or neglect excepted. Ir. the event of failure to comply with the above-mentioned conditions within one week after notifying the OWNER in writing, the DISTRICT is hereby authorized to proceed to have the defects remedied and made good at the expense of the OWNER who hereby agrees to pay the cost and charges therefor immediately on demand. Such action by the DISTRICT will not relieve the OWNER of the guarantees required by this article or elsmhere in this AGREEMENT. The OWNER shall not,nor shall it permit any CONTRACTOR to petfotm constr_cdon work on the WORK UNIT until the DISTRICT has received an acceptable form of Surety in the penal su:n equal to one hundred percent (100%) of the work unit as determined by the Engineer's estimate as Performance Surety and fifty percent (50%) of the work unit as determined by the Engineer's estimate for Labor and Material Surety for any projec:involving $10,000.00 or more of work. For projects under$10,000.00,no Surety is required. The Surety Bonds shall be issued by a corporate surety company authorized to issue such bonds in the State of California. The Performance Surety may also bean the form of any of the following: Cashier's check payable to the District Certificate of Deposit payable to the District The Performance Surety shall continue in full force and effect for thirty-five days after the District has recorded a"Notice of Completion". The condition of the Performance Surety shall be such that if the principal shall keep andperform the covenants and conditiorsoi he contract for the WORK UNIT and shal I indemnify and keep harmless the DISTRICT and its agents,the obligation thereof shall be null void,otherwise, the same shall remain in fall force and e3ect. The Labor and Material Surety shall continue in full force and effect for ninety days after the District has recorded a"Notice of Completion". Development Agreeramt 10 of 21