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7.3.A. - Page 7 <br /> of the Improvements as described in Section 12,2 and Developer's delivery of the <br /> Warranty Security described in Section 13.3. <br /> (b) Payment Security; Developer shall furnish and deliver labor and <br /> materials security in the amount of Six Hundred Eighty Nine Thousand Three Hundred <br /> Sixty Dollars ($689,360.00), concurrently with the execution of this Agreement,which <br /> security must meet the requirements of Government Code section 664992 and Redwood <br /> City Code Section 30.80 and be acceptable to the City Engineer. The security shall <br /> secure payment to the contractor(s)and subcontractor(s)performing the Work and to all <br /> persons furnishing labor, materials or equipment to them, City shall retain the security <br /> until both(i)City accepts the Work in accordance with Section 12,2 above and (ii)the <br /> statute of limitations to file an action under Civil Code section 3114 et seq. has expired. <br /> The security amount may thereafter be reduced or released by the City Engineer in <br /> accordance with Section 14. <br /> (c) Warranty Security. Developer shall furnish and deliver warranty security <br /> in the amount of Sixty Eight Thousand Nine Hundred Thirty Six Dollars ($68,936.00), <br /> upon acceptance of the Improvements and prior to release of the Performance Security. <br /> The security shall be in a form acceptable to the City Engineer and shall guarantee and <br /> warrant the Work for a period of one(1)year following the completion and acceptance <br /> thereof against any defective work or labor done,or defective materials furnished. <br /> 13.2 If the improvement security is a corporate surety bond and,in the opinion of the <br /> City,any surety or sureties thereon become insufficient,the Developer shall renew or replace any <br /> such surety with good and sufficient surety or sureties within ten(10) days after receiving from <br /> City written demand thereof. <br /> 13.3 Improvement security consisting of corporate surety bonds shall be kept on file <br /> -with the City Engineer. If a corporate surety bond is replaced by another approved bond, the <br /> replacement shall be filed with.the City Engineer and made a part of and incorporated into this <br /> Agreement, Upon filing and approval by the City Engineer of a replacement bond,the former <br /> improvement security shall be released. <br /> 13.4 Modifications of the Plans and related specifications, and modifications of the <br /> Improvements,not exceeding ten percent(10%)of the original Estimated Cost of Work,shall not <br /> relieve or release any improvement security furnished by Developer pursuant to this Agreement. <br /> If any such modifications exceed ten percent(10%) of the Estimated Cost of Work, Developer <br /> shall furnish additional improvement security for, performance, warranty, and payment as <br /> required by Section 13,1 above,for one hundred percent(100%)of the revised Estimated Cost of <br /> Work. <br /> 13.5 The City's approved bond forms are attached hereto as Exhibits B and C. <br /> 14. Partial Reduction or Release of Improvement Security. <br /> 14.1 Partial releases or reductions in the Developer's improvement security may be <br /> authorized prior to the City's acceptance of all Improvements required hereunder,as provided in <br /> this Section 14. <br /> ATTY/AGRI2092.065/2580 ECR(URBAN HOUSING)SUBDIVISION IMPROVEMENT AGREEMENT <br /> REV:06-05-12 VR <br /> Page 6 of 16 <br />