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6.2.A. - Page 14 <br />66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. <br />The security shall be conditioned upon the faithful performance of this Agreement with <br />respect to the Work and shall be released by City in accordance with Section 14 below <br />upon final acceptance of the Improvements as described in Section 12.2 and Developer's <br />delivery of the Warranty Security described in Section 13.1(c). <br />(b) Pavment Securitv. Developer shall furnish and deliver labor and <br />materials security in the amount of pour Hundred Ninety -Seven Thousand Two Hundred <br />Eighty -Three and No/ 100 Dollars ($497,283.00), concurrently with the execution of this <br />Agreement, which security must meet the requirements of Government Code section <br />66499.2 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. <br />The security shall secure payment to the contractor(s) and subcontractor(s) performing <br />the Work and to all persons fiunishing labor, materials or equipment to them. City shall <br />retain the security until both (i) City accepts the Work in accordance with Section 12.2 <br />above and (ii) the statute of limitations to file an action under Civil Code section 8410 et <br />seq. has expired. The security amount may thereafter be reduced or released by the City <br />Engineer in accordance with Section 14. <br />(c) Warrantv Security. Developer shall furnish and deliver warranty security <br />in the amount of Forty -Nine Thousand Seven Hundred Twenty -Eight and 30/100 Dollars <br />($49,728.30), 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 />132 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 />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 Developer pursuant to this Agreement. <br />If any such modifications exceed ten percent (10°/a) 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 />13.5 The City's approved bond forms are attached hereto as Exhibits B, C and D. <br />W. Partial Reduction or Release of Improvement Securitv. <br />REV: 10-12-15 VR <br />Page 5 of19 <br />ATTYIAGR.2015.229/Premia 550 Owner, LLC <br />