GUZMAN, SILVINO, JOSEFINA AND EFRAIN

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plus twenty-five percent (25%).of the work required to be done in order to complete all rehabilitation work on said dwelling. In lieu of such surety bond, MEAD may deposit a bond executed by MEAD, as principal, secured by a deposit with City's Director of Finance of cash or a cashier's check in the amount named above, and conditioned as required in the case of a surety bond. Said bond as so securdd is hereinafter called a "cash bond" for the purpose of this section. Whenever CITY'S Director of Building Safety and Housing shall find that a default has occurred in the per- formance of any covenant, term or condition of this agree- ment written notice thereof shall be given to MEAD, and to the surety on the bond. Said notice shall specify the work to be done, the estimated cost thereof, and the period of time deemed by the Director of Building Safety and Housing to be reasonably necessary for the completion of such work. If a cash bond has been posted, notice of default as provided above shall be given to MEAD, and if compliance is not obtained within the time specified, the Director of Building Safety and Housing shall proceed, without delay and without further notice, to use the cash deposit or any por- tion of such deposit to cause the required work to be done, by contract or otherwise, in his discretion. The balance, if any, shall, upon completion of the work, be returned to the depositor or to his successors or assigns, after deduct- ing the cost of the work plus twenty-five percent (25%) thereof. The term of said bond shall begin upon the date of the deposit thereof, and shall end upon the issuance of the Certificate of Satisfaction of Contract as described in paragraph B hereinabove. A copy shall be sent to any surety or principal upon request. When a cash bond has been posted, the cash shall be returned to the depositor or to -5- EXHITIT B