RecDoc 2016-038479 1305 El Camino Real

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i �`1` t . (a) 5ecuriry for Perform�ce: The security for perform�nee shall be releascd upon the final completion of the Work, the City's acceptance of the Improvements and Developer's delivery of the wamanty security describod in S�ction 13.1{c).At the request of Developer, the Director of Public Works may rolease a porrion of the security for performance in conjunctian with the acceptance af part of the Improvements; provided, however, that ao such relcase shall be for aen amount less than ten percent (10%) of the tot�l security for performance and such security shall not be reduced to aa amount less than seventy-five percent (75%) of the total security for perforct�ance until final cornpletion and City acccptance of the Improvements. In no evcnt shall the Dircctor of Public Works autharize a release of the security for performance which would reduce such security to an amouttt below that rcquired to guarantee the eompletion of the remaining Work and any other oblig�tion imposed undez this Agreement. (b) Security for Payment: Security fiunished to secure paymeat to contractors, subcontraetors,�nd to ptrsons providing l�bor,materials or�quipment shall, six (6) months after accept�nce of all of the Improveznents, bo reduced to an amount equal to the total amount claimed by all claimants for whom liens h�ve been filecl and of which notice h�ss t�een givon to the City, plus an amount reasonably detemmined by the City Engineer to be rtquir�d to assure the performance of any othcr obligations secured by the security. The balance of the payment security shall bc rele�ssed upon settl�ment or release of all claims and obligations for which the security w$s given. (c) If Developer's obligations relating to any Improvemonts are subject to the appmval of aztother govemmental agcncy, tt�e City sh�ll not release the improvement security thcreof until the obligations are performed to the satisfacrion of such other governmcntal agency. Sueh agency shall have two (2) months after Developer's perforniance of the obligation to register its s�tisfaction or dissatisfaction. If at the end of that period such �gency has not rogistcr�d its satisfaction or diss�tisfaetion, it sh�ll be conclusively deemed that the Devoloper's pe��fonnance of the obligation was done to its satisfaction. 15. Warr�ntv Period:Rcoair and Reconstructian. Without limiting the foregoing,Developer eacpressly warrants and guarantees all Work performed under this Agreemont and�ll materials used in the Work for a period of one (1)year after City's final acceptance in accordaace with Section 12. If, within this oae(1)year warranty periad, any Improvement or part of any Improvement installed or construeted, or caused to be installed or constructed by Developer, or any of the Worlc doae under this Agroement, fail� to fulfill any of the requirements of the Improvement Plans or this Ag,reemcnt, Developer sh�ll, without delmy and without cost to City, repair, replace or reconstruct any defective or atherwise unsatisfactory part or parts of the Work or Improvemeat to the satisfa.ction of the City Engineer. Should Developer fail to �et promptly or in aecordance with this requirement, or should the exigencies of the situation r�quire repairs, nplaeements or reconstruction to be m�de before Developer can be notified, City may,at its option,make the necessary rcpairs,replacements or perform the necessary reconstructian aad Develc�per shall pay to City upon demand the acchial cost of such repairs, rcplacements or reconstruction. 16. Develo�er Not Attent of Citx. Neithcr Developer nor Developtr's contractors, subcoatractors, agents, officers, or e�ployees are agent� or employees af City and the Developer's relationship to City,if any,arising herefrorn is strictly that of an independent contractor. 17, Indcmnification. REV:01-21-16 VR Page 6 of19 ATTYlAGR.2016.009lRWC ECR Venture, LLC-IA