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I <br /> I <br /> 14.2 Upon acceptance of all or any specified category of the <br /> Improvements by the City Council and upon request of the Developer, the <br /> improvement security may be reduced or released as follows: <br /> (a) Security for Performance: The security for performance <br /> shall be released upon the final completion of the Work, the City's <br /> acceptance of the Improvements and Developer's delivery of the warranty <br /> security described in Section 13 . 1 (c). At the request of Developer, the <br /> Director of Public Works may release a portion of the security for <br /> performance in conjunction with the acceptance of part of the <br /> Improvements; provided , however, that no such release shall be for an <br /> amount less than ten percent ( 10%) of the total security for performance <br /> and such security shall not be reduced to an amount less than seventy- <br /> five percent (75% ) of the total security for performance until final <br /> completion and City acceptance of the Improvements. In no event shall <br /> the Director of Public Works authorize a release of the security for <br /> performance which would reduce such security to an amount below that <br /> required to guarantee the completion of the remaining Work and any other <br /> obligation imposed under this Agreement. <br /> (b) Security for Payment: Security furnished to secure payment <br /> to contractors, subcontractors, and to persons providing labor, materials or <br /> equipment shall , six (6) months after acceptance of all of the <br /> Improvements, be reduced to an amount equal to the total amount <br /> claimed by all claimants for whom liens have been filed and of which <br /> notice has been given to the City, plus an amount reasonably determined <br /> by the City Engineer to be required to assure the performance of any other <br /> obligations secured by the security. The balance of the payment security <br /> shall be released upon settlement or release of all claims and obligations <br /> for which the security was given . <br /> (c) If Developer's obligations relating to any Improvements are <br /> subject to the approval of another governmental agency, the City shall not <br /> release the improvement security thereof until the obligations are <br /> performed to the satisfaction of such other governmental agency. Such <br /> agency shall have two (2) months after Developer's performance of the <br /> obligation to register its satisfaction or dissatisfaction . If at the end of that <br /> period such agency has not registered its satisfaction or dissatisfaction , it <br /> shall be conclusively deemed that the Developer's performance of the <br /> obligation was done to its satisfaction . <br /> 15 . Warranty Period ; Repair and Reconstruction . Without limiting the <br /> foregoing , Developer expressly warrants and guarantees all Work performed under this <br /> Agreement and all materials used in the Work for a period of one ( 1 ) year after City's <br /> final acceptance in accordance with Section 12 . If, within this one ( 1 ) year warranty <br /> period , any Improvement or pad of any Improvement installed or constructed , or caused <br /> to be installed or constructed by Developer, or any of the Work done under this <br /> Page 7 of 23 <br /> REV: 08-11-16 VR <br /> ATTY/AGR.2016.214/FINGER IMPROVEMENT AGREEMENT <br />