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adoption of such resolution, the City Engineer shall promptly record a notice, in a form to be <br />approved by the City Attorney, in the Official Records of San Mateo County. <br />13. Performance. Labor and Materials and Warrantv Securitv. <br />13.1 In accordance with Chapter 30 of the Redwood City Code, Butler furnish and <br />deliver to City, within the times set forth below, the following security, each of which must be <br />issued by a surety company duly and regularly authorized to do general surety business in the <br />State of California, or such other surety as may be acceptable to the City Engineer. <br />(a) Performance Security. Butler shall furnish and deliver performance <br />security in the amount of Eight Hundred Seventy two Thousand Five Hundred Seven and <br />No/100 Dollars ($872,507.00), concurrently with the execution of this Agreement, which <br />security must meet the requirements of Government Code section 66499.1 and Redwood <br />City Code Section 30.80 and be acceptable to the City Engineer. The security shall be <br />conditioned upon the faithful performance of this Agreement with respect to the Work <br />and shall be released by City in accordance with Section 14 below upon final acceptance <br />of the Improvements as described in Section 12.2 and Butler's delivery of the Warranty <br />Security described in Section 13.1(c). <br />(b) Pavment Security. Butler shall furnish and deliver labor and materials <br />security in the amount of Eight Hundred Seventy two Thousand Five Hundred Seven and <br />No/100 Dollars ($872,507.00), 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) Warrantv Securitv. Butler shall furnish and deliver warranty security in <br />the amount of Eighty Seven Thousand Two Hundred Fifty and 70/100 Dollars <br />($87,250.70), upon acceptance of the Improvements and prior to release of the <br />Performance Security. The security shall be in a form acceptable to the City Engineer <br />and shall 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 done, or defective <br />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 Butler 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 />ATTY/AGR/2017.029/1629 MAIN STREET—SUBDIVISION IMPROVEMENT <br />REV: 02-06-17 PR <br />Page 5 of 27 <br />