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Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former <br />improvement security shall be released. <br />13.4 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 Butler pursuant to this Agreement. If <br />any such modifications exceed ten percent (10%) of the Estimated Cost of Work, Butler shall <br />furnish additional improvement security for, performance, warranty, and payment, as required by <br />Section 13.1 above, for one hundred percent (100%) of the revised Estimated Cost of Work. <br />13.5 The City's approved bond forms are attached hereto as Exhibits B, C and D. <br />14. Partial Reduction or Release of Improvement Securitv. <br />14.1 Partial releases or reductions in Butler's improvement security may be authorized <br />prior to the City's acceptance of all Improvements required hereunder, as provided in this Section <br />14. <br />14.2 Upon acceptance of all or any specified category of the Improvements by the <br />City Council and upon request of Butler, the improvement security may be reduced or released as <br />follows: <br />(a) Security for Performance: The security for performance shall be released <br />upon the final completion of the Work, the City's acceptance of the Improvements and <br />Butler's delivery of the warranty security described in Section 13.1(c). At the request of <br />Butler, the Director of Public Works may release a portion of the security for <br />performance in conjunction with the acceptance of part of the Improvements; provided, <br />however, that no such release shall be for an amount less than ten percent (10%) of the <br />total security for performance and such security shall not be reduced to an amount less <br />than seventy-five percent (75%) of the total security for performance until final <br />completion and City acceptance of the Improvements. In no event shall the Director of <br />Public Works authorize a release of the security for performance which would reduce <br />such security to an amount below that required to guarantee the completion of the <br />remaining Work and any other obligation imposed under this Agreement. <br />(b) Security for Payment: Security furnished to secure payment to <br />contractors, subcontractors, and to persons providing labor, materials or equipment shall, <br />six (6) months after acceptance of all of the Improvements, be reduced to an amount <br />equal to the total amount claimed by all claimants for whom liens have been filed and of <br />which notice has been given to the City, plus an amount reasonably determined by the <br />City Engineer to be required to assure the performance of any other obligations secured <br />by the security. The balance of the payment security shall be released upon settlement or <br />release of all claims and obligations for which the security was given. <br />(c) If Butler's obligations relating to any Improvements are subject to the <br />approval of another governmental agency, the City shall not release the improvement <br />security thereof until the obligations are performed to the satisfaction of such other <br />governmental agency. Such agency shall have two (2) months after Butler's performance <br />of the obligation to register its satisfaction or dissatisfaction. If at the end of that period <br />ATTY/AGR/2017.029/1629 MAIN STREET—SUBDIVISION IMPROVEMENT <br />REV: 02-06-17 PR <br />Page 6 of 27 <br />