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ORDINANCE N0.86 <br />Page -2- <br />The terms "claims, demands and causes of action," <br />shall include all all expenses o£ de£ending against <br />such claims, demands and causes of action, including <br />fees payable to attorneys and expert witnesses, wages <br />paid to Village employees while occupied in defense <br />of such claims, demands and causes of actions and <br />wages or salaries reimbursed by the Village to Villaqe <br />officers to compensate them for wages and salaries <br />lost while engaged in.,such defense. The form of <br />each Performance Bond shall be approved in writing <br />by the Director of Law and shall be in a form <br />substantially as shown in Appendix B of these regulations. <br />(b) Security for Bond. Performance Bonds shall <br />be secured as follows: <br />(1) By the written guarantee of one or more <br />surety companies authorized to conduct <br />business within the State of Ohio. The form <br />of guarantee shall be approved in writing <br />by the Director of Law. The Director of <br />Law may reject a Performance Bond in the <br />event that he reasonably determines that the <br />assets of the surety company or companies, <br />subject to attachment within the State of Ohio, <br />are insufficient to secure performance of the <br />developer's obligations, taking into account <br />other outstanding liabilities and contingent <br />1 liabilities of the surety company or companies; <br />or <br />(2) By deposit of cash in the £ull face amount of <br />the bond, with the Village or with an escrow <br />agent or trustee. In the event funds are deposited <br />with an escrow agent or trustee, all documents <br />or ir.struments governing the terms of such <br />deposit sha11 be approved by writing by ttie <br />Director of Law. <br />(c) Amount of Bond. The amount of Performance Bonds <br />shall be determined by the Village Engineer and shall be <br />in an amount equal to the estimated total cost of materials <br />and labor required to install or construct all improvements <br />required by the Codified Ordinances of Mayfield Village, <br />including the estimated cost of repairing or reconstructing <br />public improvements outside the subdivision which may <br />be damaged by construction activity. The amount of a <br />Performance Bond shall also include estimated damages, <br />if any, to neighboring properties which are the subject <br />of the hold harmless provision contained in sub-paragraph <br />(a) hereinabove, and the estimated costs of de£ending <br />against claims for any such damages.