Laserfiche WebLink
7.1.B. - Page 12 <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,C and D. <br /> 14. Partial Reduction or Release of Improvement Security. <br /> 141 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 /> 14 2 Upon acceptance of all or any specified category of the Improvements by the <br /> City Council and upon request of the Developer, the improvement security may be reduced or <br /> released as follows: <br /> (a) Security for Performance: The security for performance shall be released <br /> upon the final completion of the Work, the City's acceptance of the Improvements and <br /> Developer's delivery of the warranty security described in Section 13.1(c).At the request <br /> of Developer, the Director of Public Works may release a portion of the security for <br /> performance in conjunction with the acceptance of part of the Improvements; provided, <br /> however, that no such release shall be for an amount less than ten percent (10%) of the <br /> total security for performance and such security shall not be reduced to an amount less <br /> than seventy-five percent (75%) of the total security for performance until final <br /> completion and City acceptance of the Improvements. hi no event shall the Director of <br /> Public Works authorize a release of the security for performance which would reduce <br /> such security to an amount below that required to guarantee the completion of the <br /> remaining Work and any other obligation imposed under this Agreement. <br /> (b) Security for Payment: Security furnished to secure payment to <br /> contractors,subcontractors,and to persons providing labor,materials or equipment shall, <br /> six (6) months after acceptance of all of the Improvements, be reduced to an amount <br /> equal to the total amount claimed by all claimants for whom liens have been filed and of <br /> which notice has been given to the City, plus an amount reasonably determined by the <br /> City Engineer to be required to assure the performance of any other obligations secured <br /> by the security. The balance of the payment security shall be released upon settlement or <br /> release of all claims and obligations for which the security was given. <br /> (c) If Developer's obligations relating to any Improvements are subject to <br /> the approval of another governmental agency,the City shall not release the improvement <br /> security thereof until the obligations are performed to the satisfaction of such other <br /> governmental agency. Such agency shall have thirty (30) days after Developer's <br /> performance of the obligation to register its satisfaction or dissatisfaction. If at the end of <br /> that period such agency has not registered its satisfaction or dissatisfaction, it shall be <br /> conclusively deemed that the Developer's performance of the obligation was done to its <br /> satisfaction. <br /> 14 3 In the event of an authorized assignment under this Agreement,any improvement <br /> security imposed pursuant to this Section 14 inclusive, shall be released in favor of Developer <br /> subject to City's right to impose suitable replacement security or securities on Developer's <br /> successor in interest. <br /> REV:02-20-15 VR <br /> Page 6 of21 <br /> ATTY/AGR.2015.034/SunCap Redwood LLC(IA) <br />