RecDoc 2015-093310 REDWOOD CITY JEFFERSON LLC_IA_08172015_103 Wilson

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acceptances may be waived by the City Engineer, in his reasonable discretion, if Developer has made commercially reasonable efforts to obtain such acceptances. The City Engineer's failure to respond to Developer's written notification within thirty (30) days will not be deemed a breach or default under this Agreement. 13.2 Acceptance of Improvements. Promptly following (i) City's approval of the Developer's post-completion accounting report described in Section 12.4, (ii) Developer's payment of true up amounts owed to City, if any, as described in Section 12.5, and (iii) City Engineer's written notice of satisfactory completion pursuant to Section 13 .1 , the City Engineer will recommend acceptance of the Improvements to the City Council. The acceptance of the Improvements, offers of dedication and right-of way, and easements, if any, shall be by resolution of the City Council, with the matter placed on the next available agenda for City Council action. Upon City Council's adoption of such resolution, the City Engineer shall promptly record a notice, in a form to be approved by the City Attorney, in the Official Records of San Mateo County. 14. Performance, Labor and Materials and Warranty Security. 14.1 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City, within the times set forth below, the following security, each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of California, or such other surety as may be acceptable to the City Engineer. (a) Performance Security. Developer shall furnish and deliver performance security in the amount of One Million Five Hundred Thirty-Nine Thousand Seven Hundred Thirteen Dollars ($1 ,539,713.00), concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499. 1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall be conditioned upon the faithful performance of this Agreement with respect to the Work and shall be released by City in accordance with Section 15 below upon final acceptance of the Improvements as described in Section 13.2 and Developer's delivery of the Warranty Security described in Section 14.1(c). (b) Payment Security. Developer shall furnish and deliver labor and materials security in the amount of One Million Five Hundred Thirty-Nine Thousand Seven Hundred Thirteen Dollars ($ 1 ,539,713.00), concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499.2 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall secure payment to the contractor(s) and subcontractor(s) performing the Work and to all persons furnishing labor, materials or equipment to them. City shall retain the security until (i) City has accepted the Work in accordance with Section 13.2 above, and (ii) the statute of limitations to file an action under Civil Code section 8410 et seq. has expired. The security amount may thereafter be reduced or released by the City Engineer in accordance with Section 15. (c) Warranty Security. Developer shall furnish and deliver warranty security in the amount of One Hundred Fib-Three Thousand Nine I-Iundred Seventy-One and 30/100 Dollars ($153,971 .30), upon acceptance of the Improvements and prior to release of the Performance Security. The security shall be in a form acceptable ATTY/AGR/2015.107/GREYSTAR - 103 WILSON - IA WITH TIF CREDIT Page 6 of 27 REV: 05-28-15 VR