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City Code Section 29.26 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 seg. 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 Security. Developer shall furnish and deliver warranty security <br />in the amount of One Hundred Sixty -Three Thousand One Hundred Sixteen and 40/100 <br />Dollars ($163,116.40), 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 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 />133 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 />13A 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 />135 The City's approved bond forms are attached hereto as Exhibits B, C and D. <br />14. Partial Reduction or Release of Immovement Security. <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 />142 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) 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 />Developer's delivery of the warranty security described in Section 13.1(c). At the request <br />of Developer, the Director of Public Works may release a portion of the security for <br />REV: 08.31-17 PR <br />Page 5 of 22 <br />ATTY/AGR.2017.195/Lane - Broadway, LLC - IA <br />