The developer/owner shall file a hold harmless agreement, in a form acceptable to the City Attorney, with the City agreeing to fully indemnify and release the City from all claims, suits, judgments and demands against the City which have accrued or which may accrue, and to hold the City harmless from all claims, suits, judgments and demands against the City, either severally or jointly, which have accrued or which may accrue as a result of the improvements, including sidewalks, streets, water and sewer lines, installations of electricity and other utilities, not having been fully inspected and approved by the City.