RecDoc 2015-120680 Premia South County, LLC, 550 Allerton Street_IA_Bond_11172015

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in accordance with the City's current fees. Developer agrees to complete payment of such additional sum or sums for the services provided by City, if any, within thirty (30) days after receipt of an invoice and account statement from City showing the additional sum to be paid and agrees that the amount payable shall be increased by ten percent (10%) in the event payment is not made within such thirty (30) day period. Any part of the Deposit or such additional sum or sums not utilized by City shall be returned promptly to Developer and City shall provide, at Developer's request, an accounting of the utilized portion of the Deposit. 11 . Completion of Work. After Developer (a) completes the Work in accordance with the Improvement Plans and the terms and conditions of this Agreement, (b) repairs any private or public property damaged as a result of the Work or pays the full cost of such repair to the owner whose property was damaged and (c) obtains the written acceptance of such repair or payment from any owner whose private property was repaired by Developer or to whom Developer paid the full cost of such repair, Developer will provide City with a written notice of completion, together with copies of all written acceptances. 12. Final Acceptance. 12 .1 Notice of Completion. Within thirty (30) days of receipt of Developer's written notification pursuant to Section 11 above, the City Engineer shall inspect the Work and repairs and review the written acceptances, if any, and send Developer a written notice stating whether the Work and repairs are complete to the satisfaction of the City Engineer, in his reasonable discretion, and whether the written acceptances have been provided. If the Work and repairs are, in the opinion of the City Engineer, not complete and satisfactory, and/or written acceptances have not been provided, the City Engineer will list the deficiencies that must be corrected to find the Work and repairs complete and satisfactory. Upon satisfactory completion of the Work and repairs and submittal of written acceptances, the City Engineer will send Developer a written notice of satisfactory completion. The requirement for written 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. 12 2 Acceptance anent After sending Developer a written notice of satisfactory completion pursuant to Section 12. 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. 13. Performance, Labor and Materials and Warranty Security. 131 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 Four Hundred Ninety-Seven Thousand Two Hundred Eighty- Three and No/100 Dollars ($497,283.00), concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section REV: 10-12-15 VR Page 4 of 19 ATTY/AGR.2015.229/Premia 550 Owner, LLC