RecDoc 2015-052074 - Laserfiche WebLink

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required by Section 13.1 above,for one hundred percent(100%)of the revised Estimated Cost of Work. 13 5 The City's approved bond forms are attached hereto as Exhibits B,C and D. 14. Partial Reduction or Release of Improvement Securitv. 141 Partial releases or reductions in the Developer's improvement security may be authorized prior to the City's acceptance of all Improvements required hereunder, as provided in this Section 14. 14 2 Upon acceptance of all or any specified category of the Improvements by the City Council and upon request of the Developer, the improvement security may be reduced or released as follows: (a) Security for Perforn�ance: The security for performance sha11 be released upon the final completion of the Work, the City's acceptance of the Improvements and Developer's delivery of the warranty security described in Secrion 13.1(c).At the request of Developer, the Director of Public Works may release a portion of the security for performance in conjunction with the acceptance of part of the Improvements; provided, however, that no snch release sha11 be for an amount less than ten percent(10%)of the total security for performance and such security shall not be reduced to an amount less than seventy-five percent (75%) of the total security for performance until final cornpletion and City acceptance of the Improvements. In no event shall the Director of Public Works authorize a release of the security for performance which would reduce such security to an amount below that required to guarantee the completion of the remaining Work and any other obligation imposed under this Agreement. (b) Security for Payment: Security furnished to secure payment to contractors,subcontract,ors,and to persons providing labor,materials or equipment sha11, six (6) months after acceptance of all of the Irnprovements, be reduced to an amount equal to the total amount claimed by all claimants for whom liens have been filed and of which notice has been given to the City, plus an amount reasonably detemuned by the City Engineer to be required to assure the performance of any other obligations secured by the security. The balance of the payment security shall be released upon settlement or release of all claims and obligations for which the security wss given. (c) If Developer's obligations relating to any Improvements are subject to the approval of another govemmental agency,the City shall not release the impmvement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency shall have thiriy (30) days after Developer's performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period such agency has not registered its satisfaction or dissatisfaetion, it shall be conclusively deemed that the Developer's performance of the obligarion was done to its satisfaction. 14 3 In the event of an authorized assignment under this Agreement,any improvement security imposed pursuant to this Section 14 inclusive, aha11 be released in favor of Developer subject to City's right to impose suitable replacement security ar securities on Developer's successor in interest. REV:02-2D-15 VR Page 6 of21 ATTY/AGR.2015.034/SunCap Redwood LLC(IA)