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7. Disclaimer by City. It is understood and agreed that the City, <br /> the City Council, 'and the agents and employees of the City shall not be <br /> • personally liable or responsible in any manner to Developer, Developer's <br /> can or subcontractors, materialmen, laborers or to any other person, <br /> firm or corporation, for any debt, claim, demand, damages, actions or causes <br /> of action of any kind or character arising out of or by reason of the execution <br /> of this agreement or the installation of the Improvements; and that Developer <br /> will save the City, the City Council, and the agents, officers and employees <br /> of the City 'harmless from any and all claims, damages, demands, actions or <br /> causes of action arising therefrom and the costs.. disbursements and expenses <br /> of defending the same. , <br /> 8, Security. For the purpose of assuring to the City that <br /> the Improvements shall be constructed, installed and furnished according to <br /> the terms of this agreement, and that Developer shall pay all claims for work <br /> done-and materials and supplies furnished for the performance of this agreement, <br /> • <br /> Developer agrees to furnish to the City a corporate surety performance bond <br /> in the amount of at least $ ao,000.oo in form satisfactory to the City <br /> and naming the -City as obligee thereunder. The bond shall be conditioned <br /> upon the performance by Developer of Developer's obligation hereunder. At <br /> Developer's option, in lieu of the bond, Developer may deposit with the City <br /> .cash, certified funds or an irrevocable letter of credit in at least said <br /> amount, provided that the City is able to draw upon such .funds or letter of . . <br /> credit in its sole discretion to complete the Improvements whenever the City <br /> determines that Developer has failed. to perform any of Developer's _obligations <br /> hereunder. If cash or certified funds are deposited with he City as herein <br /> provided, the City shall deposit same in an interest-bearing account. If <br /> Developer completes the Improvements in accordance with this agreement and <br /> • the work is accepted by the City, the principal amount of such deposit, <br /> -4- <br />