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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 Security. Developer shall famish and deliver labor and <br />materials security in the amount of Four Million, Three Hundred Seventy Eight <br />Thousand, Two Hundred Thirty Nine Dollars ($4,378,239.00), concurrently with the <br />execution of this Agreement, which security must meet the requirements of Government. <br />Code section 664992 and Redwood City Code Section 30.80 and he acceptable to the <br />City Engineer. The security shall secure payment to the contractor(s) and <br />subcontractor(s) performing the Work and to all persons furnishing labor, materials or <br />equipment to them. City shall retain the security until both (i) City accepts the Work in <br />accordance with Section 12.2 above and (ii) the statute of limitations to file an action <br />under Civil Code section 8410 et seq. has expired. The security amount may thereafter be <br />reduced or released by the City Engineer in accordance with Section 14. <br />(c) Warranty Securitv. Developer shall famish and deliver warranty security <br />in the amount of Four Hundred Thirty Seven. Eieht Hundred Twentv Four Dollars <br />($437,824,00), 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 famish additional improvement security for, performance, warranty, and payment, as <br />required by Section 13.1 above, for one hundred percent (1000%) of the revised Estimated Cost of <br />Work. <br />13 5 The City's approved bond forms are attached hereto as Exhibits E, C and D. <br />14. Partial Reduction or Release of Improvement Secmitv. <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 />REV: 06.20-18 PR <br />Page 5 of 19 <br />ATTY/AGR.2018.136/601 EI Camino Subdivision Improvement Agreement <br />