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Hundred Fourteen and No/l00 Dollars ($1,141,6]4.00), concurrently with the execution <br /> of this Ageement, which security must meet the requirements of Govern�nent Code <br /> section 66499.2 and Redwood City Code Section 30.80 and be acceptable to the City <br /> Engineer. The security shall secure payment to the contractar(s) and subcontractor(s) <br /> performing the Work and to all persons furnishing labor, materials or equipment to thein. <br /> City shall retain the security until both (i) City accepts the Work in accorda�ice with <br /> Section 12.2 above and (ii) the statute of limitations to file an action under Civil Code <br /> section 8410 et seq. has expired. The security amount inay thereafter be reduced or <br /> released by the City Engineer in accordance with Section l4. <br /> (c) Warranty Securit� Developer shall furnish and deliver warranty security <br /> in the amount of One Hundred Fourteen Thousand One H��ndred Sixty-One and 40/100 <br /> Dollars ($1]4,]61.40), upon acceptance of the I�nprovements and prior to release of the <br /> Performance Security. The security shall be in a form acceptable to the City Engineer <br /> and shall guarantee and warrant the Work for a period of one (]) year following the <br /> completion and acceptance thereof against any defective work or labor done, or defective <br /> materials furnished. <br /> 13.2 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 /> 13.3 lmprovement 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 /> Ageement. Upon filing and approval by the City Engineer of a replacement bond, the former <br /> improvement security shall be released. <br /> 13.4 Modifications of the Plans and related specifications, and modifications of the <br /> Improvements,not exceeding ten percent(]0%)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 fiirnish additional improvement security for, performance, warranty, and payment, as <br /> required by Section 13.1 above, for one hLindred percent(100%) of the revised Estimated Cost of <br /> Work. <br /> 13.5 The City's approved bond forms are attached hereto as E�ibits B,C and D. <br /> 14. Partial Reduction or Release of Improvement SecuritX. <br /> 14.1 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 14. <br /> 14.2 Upon acceptance of all or any specified category of the Improvements by the <br /> City CoLincil 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 <br /> upon the final completion of the Work, the City's acceptance of the Improvements and <br /> REV:10-08-15 VR <br /> ATTY/AGR/2015.224/HAMILTIN&WINSLOW PROPERTIES,LLP—IA <br /> Page 5 of 19 <br />