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to the City Engineer and shall guarantee and warrant the Work for a period of <br /> one (1) year following the completion and acceptance thereof against any <br /> defective work or labor done, or defective materials furnished. <br /> 14.2 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 /> 14.3 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 /> 14.4 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 14. 1 above, for one hundred percent (100%) of the revised Estimated Cost of <br /> Work. <br /> 14.5 The City's approved bond forms are attached hereto as Exhibits C, D and E. <br /> 15. Partial Reduction or Release of Improvement Security. <br /> 15. 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 15. <br /> 15.2 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 upon <br /> 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 14.1(c). At the <br /> request of Developer, the Director of Public Works may release a portion of the <br /> security for performance in conjunction with the acceptance of part of the <br /> Improvements; provided, however, that no such release shall be for an amount <br /> less than ten percent (10%) of the total security for performance and such <br /> security shall not be reduced to an amount less than seventy-five percent (75%) <br /> of the total security for performance until final completion and City acceptance <br /> of the Improvements. In no event shall the Director of Public Works authorize a <br /> release of the security for performance which would reduce such security to an <br /> amount below that required to guarantee the completion of the remaining Work <br /> and any other obligation imposed under this Agreement. <br /> ATTY/AGR/2015.107/GREYSTAR - 103 WILSON - IA WITH TIF CREDIT Page 7 of 27 <br /> REV: 05-28-15 VR <br />