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f <br /> shall secure payment to the contractor(s) and subcontractor(s) performing <br /> the Work and to all persons furnishing labor, materials or equipment to <br /> them . City shall retain the security until both (i) City accepts the Work in <br /> accordance with Section 12 .2 above and (ii) the statute of limitations to file <br /> an action under Civil Code section 8410 et seq. has expired . The security <br /> amount may thereafter be reduced or released by the City Engineer in <br /> accordance with Section 14. <br /> (c) Warranty Security. Developer shall furnish and deliver <br /> warranty security in the amount of Twenty-Seven Thousand Three <br /> Hundred Forty-Two and 40/100 Dollars ($27,342.40), upon acceptance of <br /> the Improvements and prior to release of the Performance Security. The <br /> security shall be in a form acceptable to the City Engineer and shall <br /> guarantee and warrant the Work for a period of one ( 1 ) year following the <br /> completion and acceptance thereof against any defective work or labor <br /> done, or defective materials furnished . <br /> 13 .2 If the improvement security is a corporate surety bond and , in the <br /> opinion of the City, any surety or sureties thereon become insufficient, the <br /> Developer shall renew or replace any such surety with good and sufficient surety <br /> or sureties within ten (10) days after receiving from City written demand thereof <br /> 13 .3 Improvement security consisting of corporate surety bonds shall be <br /> kept on file with the City Engineer. If a corporate surety bond is replaced by <br /> another approved bond , the replacement shall be filed with the City Engineer and <br /> made a part of and incorporated into this Agreement. Upon filing and approval by <br /> the City Engineer of a replacement bond , the former improvement security shall <br /> be released. <br /> 13 .4 Modifications of the Plans and related specifications, and <br /> modifications of the Improvements, not exceeding ten percent ( 10%) of the <br /> original Estimated Cost of Work, shall not relieve or release any improvement <br /> security furnished by Developer pursuant to this Agreement. If any such <br /> modifications exceed ten percent ( 10%) of the Estimated Cost of Work, <br /> Developer shall furnish additional improvement security for, performance, <br /> warranty, and payment, as required by Section 13 . 1 above, for one hundred <br /> percent ( 100% ) of the revised Estimated Cost of Work. <br /> 13 .5 The City's approved bond forms are attached hereto as Exhibits B , <br /> C and D . <br /> 14 . Partial Reduction or Release of Improvement Security. <br /> 14. 1 Partial releases or reductions in the Developer's improvement <br /> security may be authorized prior to the City's acceptance of all Improvements <br /> required hereunder, as provided in this Section 14. <br /> Page 6 of 23 <br /> REV: 08-11-16 VR <br /> AI IY/AGR.2016.214/FINGER IMPROVEMENT AGREEMENT <br />