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

Browse Search

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. 142 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 Performance: The security for performance shall 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 Section 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 such release shall 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 completion 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, subcontractors, and to persons providing labor, materials or equipment shall, six (6) months after acceptance of all of the Improvements, 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 determined 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 was given. (c) If Developer's obligations relating to any Improvements are subject to the approval of another governmental agency, the City shall not release the improvement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency shall have two (2) months 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 dissatisfaction, it shall be conclusively deemed that the Developer's performance of the obligation was done to its satisfaction. 15. Warranty Period; Repair and Reconstruction. Without limiting the foregoing, Developer expressly warrants and guarantees all Work performed under this Agreement and all materials used in the Work for a period of one (1) year after City's final acceptance in accordance with Section 12. If, within this one (1) year warranty period, any Improvement or part of any Improvement installed or constructed, or caused to be installed or constructed by Developer, or any of the Work done under this Agreement, fails to fulfill any of the requirements of the Improvement Plans or this Agreement, Developer shall, without delay and without cost to City, repair, replace or reconstruct any defective or otherwise unsatisfactory part or parts of the Work or Improvement to the satisfaction of the City Engineer. Should Developer fail to act promptly or in accordance with this requirement, and such failure is not cured within the time period set forth in Section 24, or should the exigencies of the situation require repairs, replacements or reconstruction to be made before Developer can be notified, City may, at its option, make REV: 10-12-15 VR Page 6 of19 ATTY/AGR.2015.229/Premia 550 Owner, LLC