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Agreement, which security must meet the requirements of Redwood City Code Sections 29.26 and 29.94 and be acceptable to the City Engineer. The security shall be conditioned upon the faithful performance of this Agreement with respect to the Work and shall be released by City in accordance with Section 15 below upon final acceptance of the Improvements as described in Section 13.2 and Developer's delivery of the Warranty Security described in Section 14.1(c). (b) Payment Security. Developer shall furnish and deliver labor and materials security in the amount of Three Million Eight Hundred Two Thousand Six Hundred Ninety-Four and No /100 Dollars ($3,802,694.00), concurrently with the execution of this Agreement, which security must meet the requirements of Redwood City Code Section 29.26 and be acceptable to the City Engineer. The security shall secure payment to the contractor(s) and subcontractor(s) performing the Work and to all persons furnishing labor, materials or equipment to them. City shall retain the security until both (i) City accepts the Work in accordance with Section 13.2 above and (ii) the statute of limitations to file an action under Civil Code section 8410 et seq. has expired. The security amount may thereafter be reduced or released by the City Engineer in accordance with Section 15. (c) Warranty Security. Developer shall furnish and deliver warranty security in the amount of Three Hundred Eighty Thousand Two Hundred Sixty-Nine and 40/100 Dollars ($380,269.40), upon acceptance of the Improvements and prior to release of the Performance Security. The security shall be in a form acceptable to the City Engineer and shall guarantee and warrant the Work for a period of one (1) year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. 142 If the improvement security is a corporate surety bond and, in the opinion of the City, any surety or sureties thereon become insufficient, the Developer shall renew or replace any such surety with good and sufficient surety or sureties within ten (10) days after receiving from City written demand thereof. 143 hnprovement security consisting of corporate surety bonds shall be kept on file with the City Engineer. If a corporate surety bond is replaced by another approved bond, the replacement shall be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former improvement security shall be released. 14A Modifications of the Plans and related specifications, and modifications of the Improvements, not exceeding ten percent (10 %) of the original Estimated Cost of Work, shall not relieve or release any improvement security furnished by Developer pursuant to this Agreement. If any such modifications exceed ten percent (10 %) of the Estimated Cost of Work, Developer shall famish additional improvement security for, performance, warranty, and payment, as required by Section 14.1 above, for one hundred percent (100 %) of the revised Estimated Cost of Work. 14.5 The City's approved bond forms are attached hereto as Exhibits D, E and F. 15. Partial Reduction or Release of Improvement Security. REV: 08 -29 -18 PR Page 7 of 24 ATTY /AGR.2018.202 /Kaiser MOB2 - IA