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No/100 Dollars ($606,506.00),concurrently with the execution of this Agreement,which <br /> security must meet the requirements of Government Code section 66499.2 and Redwood <br /> City Code Section 30.80 and be acceptable to the City Engineer. The security shall <br /> secure payment to the contractor(s) and subcontractor(s)performing the Work and to all <br /> persons furnishing labor, materials or equipment to them. City shall retain the security <br /> until both (i) City accepts the Work in accordance with Section 12.2 above and (ii) the <br /> statute of limitations to file an action under Civil Code section 8410 et seq. has expired. <br /> The security amount may thereafter be reduced or released by the City Engineer in <br /> accordance with Section 14. <br /> (c) Warran Security. Developer shall furnish and deliver warranty security <br /> in the amount of Sixty Thousand Six Hundred Fifty and 60/100 Dollars ($60,650.60), <br /> upon acceptance of tbe Improvements and prior to release of the Performance Security. <br /> The security shall be in a form acceptable to the City Engineer and shall guarantee and <br /> warrant the Work for a period of one (1)year following the completion and acceptance <br /> thereof against any defective work or labor done,or defective 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 Improvement 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 /> Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former <br /> improvement security shall be released. <br /> �.3.4 Modifications of the Plans and related specifications, and modifications of the <br /> Improvements,not exceeding ten percent(10%)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 furnish additional improvement security for, performance, warranty, and payment, as <br /> required by Section 13.1 above,for one hundred percent(100%)of the revised Estimated Cost of <br /> Work. <br /> 13 5 The City's approved bond forms are attached hereto as Exhibits B,C and D. <br /> 14. Partial Reducrion or Release of Improvement Securitv. <br /> 141 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 Council and upon request of the Developer, the improvement security may be reduced or <br /> released as follows: <br /> (a) Securiry for Performance: The security for performance sha11 be released <br /> upon the final completion of the Work, the City's acceptance of the Improvements and <br /> Developer's delivery of the warranty security described in Section 13.1(c).At the request <br /> REV:06-21-16 VR <br /> Page 5 of19 <br /> ATTY/AGR.2016.126/601 Marshall Street Owner, LLC-IA 2016-06-09 <br />