RecDoc 2015-126533 IA 815 Hamilton

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, 11. Completion of Work. After Developer (a) completes the Work in accardance 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 Acce�tance. 12.1 Notice of Completion. Within thirty (30) days of receipt of Developer's written notification pursuant to Section l 1 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 coinplete 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 of Improvements. After sending Developer a written notice of satisfactory completion pursuant to Section ]2.1, 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 resolLrtion of the City Council, with the matter placed on the next available agenda for City Council action. Upon City Council's adoprion of such resol�ition, 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. 13.1 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 Securitv. Developer shall furnish and deliver performance security in the amount of One Million One Hundred Forty-One Thousand Six HLmdred Fourteen and No/100 Dollars ($1,141,614.00), concurrently with the execution of this Agreement, which security must meet the requirements of Govermnent Code section 66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The secLirity shall be conditioned Lipon the faithfiil performance of this Agreement with respect to the Work and shall be released by City in accordance with Section 14 below upon final acceptance of the Improvements as described in Section ]2.2 and Developer's delivery of the Warranty Security described in Section 13.1(c). (b) Payment Securit� Developer shall furnish and deliver labor and materials security in the amount of One Million One Hundred Forty-One Thousand Six REV:10-08-15 VR ATTY/AGR/2015.224/HAMILTIN&WINSLOW PROPERTIES,LLP—IA Page 4 of 19