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8.6 Prevailin2 Waees. <br />8.6.1 DEVELOPER SHALL ASSUME ANY AND ALL <br />RESPONSIBILITY AND BE SOLELY RESPONSIBLE FOR DETERMINING WHETHER <br />OR NOT LABORERS EMPLOYED RELATIVE TO THE CONSTRUCTION OR <br />INSTALLATION OF THE PROJECT MUST BE PAID THE PREVAILING PER DIEM <br />WAGE RATE. FOR THEIR LABOR CLASSIFICATION, AS DETERMINED BY THE <br />STATE, PURSUANT TO LABOR CODE SECTIONS 1720, ET SEQ. <br />8.6.2 DEVELOPER, ON BEHALF OF ITSELF, ITS SUCCESSORS, AND <br />ASSIGNS, WAIVES AND RELEASES THE CITY FROM ANY RIGHT OF ACTION THAT <br />MAY BE AVAILABLE TO ANY OF THEM PURSUANT TO LABOR CODE SECTION <br />1781. DEVELOPER ACKNOWLEDGES THE PROTECTIONS OF CIVIL CODE <br />SECTION 1542 RELATIVE TO THE WAIVER AND RELEASE CONTAINED IN THIS <br />SECTION 8.6, WHICH READS AS FOLLOWS: <br />A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE <br />CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT <br />THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER <br />MUST HAVE MATERIALLY AFFECTED HIS OR IIER SETTLEMENT WITH THE <br />DEBTOR. <br />8.6.3 BY INITIALING BELOW, DEVELOPER KNOWINGLY AND <br />VOLUNTARILY WAIVES THE PROVISIONS OF SECTION 1542 SOLELY IN <br />CONNECTION WITH THE WAIVERS AND RELEASES OF TFIIS SECTION 8.6: <br />8.6.4 ADDITIONALLY, DEVELOPER SHALL INDEMNIFY, DEFEND <br />AND HOLD HARMLESS THE CITY AGAINST ANY CLAIMS PURSUANT TO LABOR <br />CODE SECTION 1781 ARISING FROM THIS AGREEMENT OR THE CONSTRUCTION <br />OR INSTALLATION OF ALL OR ANY PORTION OF THE PROJECT. <br />8.7 Developer's Assurance of Construction Completion. Prior to <br />commencement of construction of the Project Improvements, Developer shall furnish to City <br />evidence that assures Developer that sufficient monies will be available to complete the <br />proposed construction. The amount of money available shall be at least the total estimated <br />construction cost. Such evidence may take one of the following forms: <br />8.7.1. Performance bond and labor and materials bond in a principal sum equal <br />to the total estimated construction cost supplied by Contractor or subcontractors, provided said <br />bonds are issued jointly to Developer, City and any Senior Lenders as obligees. <br />8.7.2. brrevocable letter of credit issued to City from a financial itnstilatien to <br />be in effect until City acknowledges satisfactory Completion of Construction; <br />8.7.3. Cash deposited with the City (may be in the form of cashier's check or <br />money order or may be electronically deposited); <br />16 <br />