RecDoc 2016-038479 1305 El Camino Real

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' , ' � . part of the Deposit or such additional sum or sum� not utiliud by City sh�ll be returned gromptly to Developer. 11, �p�un of Work, Aftcr Developer{a) completes the Work in accordance with ttte Improvement Plans and the tcnns �nd conditions of this Agreement, (b) repairs any private or public pmperty damaged as a result of the Work or pays the full co�t of such rcpair to the owner whose property was damaged and (c) obtains the written acccptance of such repair or p�yment from any owner whose private property was rcpaired by Doveloper or to whom Utveloper paid the full cost of such repair, Developer will provide City with a written notice of completion, tog�ether with copies of all written acceptances. 12. Fin�l Accentance. 121 Notice of Comnletion. Wittun thirty(30) days of receipt of Developer's written notification pursuant to Scction 11 above, the City Engincer shall inspeet the Work and repairs a�td review the written acceptances, if any, and send Devcloper a written natice stating whether the Work and repaus are complete to the satisfaction of the City Engineer, in his reascmable diseretion,and whether the written accept�nces have been provided. If the Work and repairs are, in the opinion of the City Engineer, not complete and satisfactory, and/ar written aceeptances have not been provided,the City En�in�er will list the deficiencics that must be corrccted to find the Wark and repairs complete and satisfactory. Upon satisfactory completion of the Work and repa:irs and submittal of written accept�nccs, the City Engineer will send Developer a writtcn aotice of satisfaetory completian. The requinemcnt for written acceptaMCes may be waived by the City Engineer, in his reasonablc discrction, if Devtloper has m�de cc�mme�cially rea�sonable efforts to obtain such acceptances. The City Engineer's failure to respond tc>Developer's written norification within thirty(30)days will not be deeined a br�esach or default under this Agroement. 12 2 ACCCDt�nce of Impmvemeiats. After sending Doveloper a written notiee of �tisfactory completion piusuant to Section 12.1, the City Engineer will recommead accept�uce of the Impmvements to the City Council. The accepta�ce of the Improvemtrits, offers of ckdic�tion and right-of w�y, and easements, if any, shall be by resolution af the City Gouncil, with fhe mattcr placed on the aext available ageada for City Council action. Upon City Council's �dop�ion of such resolutian, the City Enginecr shall promptly rccord a notice, in a form to be approved by the City Attorney,in the Official Records of San Mateo Gounty. 13. Perf'ormance,Labor and Materials and Wartanty Securit.y. 131 In aecordance with Chapter 30 of the Redwood City Code, Devcloper will fiunish and deliver to City,within the times set forth below,the following security,each of wluch mu�tt be issued by a surcty company duly attd rregularly authoriud to do geaeral surtty business in the State of California,or such other surety as may be acctptable to the City Engineer. (a) Perfomnance Security. Developer shall furnish and deliver perfornianee security in the aznount of One Million Two Hundred Five Thousaad Five Hundred Forty- Scven and No/100 Dollars ($1,205,547.00), concurrently with the execution of this Agreernent, which security must meet the requiremonts of Govemment Code sxtion 66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall be conditioned upon the faithful performance of this Agreement with respect to the Work and shall be rele�sed by City in accordance with Section 14 below upon final acceptanee of thc Improvemcnts as described in Section 12.2 and Developer's delivery of the Warranty Security described in Section 13.1(c). F�1/:01-21-16 VR Page 4 of19 ATTY/AGR.2016.009/RWC ECR Venture, LLC-IA