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' ' ' � , <br /> (b) Pavmcnt Securitti DevelopGr shall fumish aad doliver labor and <br /> materials security in the araownt of One Million Two Huadred Five Thousand Five <br /> Hunclrad Forty-Seven aad No/100 Dollars (51,245,547.00), concurrently with the <br /> execution of this Agreement, which security must rneot the requirem�nts of Govemment <br /> Code sectian 66499.2 and Redwood City Ccadc Section 30.80 and be acceptablo to the <br /> City Engineor. The security shall secur� payment to the contr�ctor(s) and <br /> subcontractor(s) perfomning tha Wor1E and to all persons fiunishing labor, materials or <br /> equipment to th�m. City shall ret�in tl�security uatil both(i) City accept� the Work in <br /> accordance with Section 12.2 above and{ii) the statute of liir�it�.tions to file an action <br /> under Civil Code section 8410 et seq.has expired.The security arnount may thereafter be <br /> redueed or released by the City Engineer in acco�dance with Secrion 14. <br /> (c) Wananty Securitv. Developer shall furnish and dcliver wa�ty security <br /> in the amouat of One Hundned Twenty Thousand Five Hundred Fifly-Four and 70/100 <br /> Dollazs (�120,554.70), upon acceptance of the Improvements and priar#o release of the <br /> Perfom�ncc Seeurity. The soeurity shall be in a forrn �cceptable to the City Engineer <br /> and shall guarantee aad wacrant the Work for a period of one (1) year followiag the <br /> complotian aad acceptaace thereof against any defective work or labor done,or defeetive <br /> materials furnished. <br /> 13 2 ff the improvement security is a cor�wratc surety bond and, in the opinion of the <br /> City,any suroty or sureties thereon become insufficient,the Developer shall renew or repIace any <br /> such surety with good and sufficicnt surety or sureties within ten (10) days �fter receiving from <br /> City written domand thcreof. <br /> 13 3 Improvement sccurity consisting of eorporate surety bonds shall be kept on file <br /> with tho City Eagineer. If a cotporate surety bond is replaced by another approved bond, tho <br /> rcplacement shall be filed with the City Engineer and made a part of and incotporated into this <br /> Agreem�nt. Upon filing and approwal by the City Engincer of a replacemcnt bond, the farrner <br /> imprc�vement security shall be released. <br /> 13,4 Modifications of the Plans and rel�ted spccific�tions, and modifications of the <br /> Improv�ments,nat eyceeeding ten perc�nt(10%)of the original Estimated Cost of Work,shall not <br /> relieve or release any improvement security furnished by Developer pursunnt to this Agrcement. <br /> If any such modifications exceed ten perceat (10°/m) of the F,�timsted Cost of Work, Developer <br /> sh�ll furnish additional improvement sccurity for, porforma:nce, warr�aty, and payment, as <br /> required by Section 13.1 above,for one hundred percent(100%)of the revised Estirnated Cost of <br /> Work. <br /> 13 5 The City's approved bond fornis are attached hereto as Exhibits B,C and D. <br /> 14. Partial Reductioa or Rele�se of Imnrovement Se�writv. <br /> 141 Farti�l releases or reductions in the Develaper's improvcment security may be <br /> authoriud prior to the City's acctptance of all Improvements required hereunder, as provided in <br /> this Sectioa 14. <br /> ' 14 2 Upon �ectptance of all or any specified category of the Improvements by the <br /> City Council and upon request of the Developtr, the improvernent security may be reduced or <br /> released as follows: <br /> R�V:01-21-t6 VR <br /> Page 5 of19 <br /> ATTY/AGR.2016.009/RWC ECR Venture, LLC-IA <br />