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Agreement, which security must meet the requirements of Redwood City Code Sections <br />29.26 and 29.94 and be acceptable to the City Engineer. The security shall be <br />conditioned upon the faithful performance of this Agreement with respect to the Work <br />and shall be released by City in accordance with Section 15 below upon final acceptance <br />of the Improvements as described in Section 13.2 and Developer's delivery of the <br />Warranty Security described in Section 14.1(c). <br />(b) Payment Security. Developer shall furnish and deliver labor and <br />materials security in the amount of Three Million Eight Hundred Two Thousand Six <br />Hundred Ninety -Four and No/100 Dollars ($3,802,694.00), concurrently with the <br />execution of this Agreement, which security must meet the requirements of Redwood <br />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 13.2 above and (ii) the <br />statute of limitations to file an action under Civil Code section 8410 et seq. has expired. <br />The security amount may thereafter be reduced or released by the City Engineer in <br />accordance with Section 15. <br />(c) Warranty Security. Developer shall furnish and deliver warranty security <br />in the amount of Three Hundred Eighty Thousand Two Hundred Sixty -Nine and 40/100 <br />Dollars ($380,269.40), 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 />142 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 />143 hnprovement 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 />14A 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 14.1 above, for one hundred percent (100%) of the revised Estimated Cost of <br />Work. <br />14.5 The City's approved bond forms are attached hereto as Exhibits D, E and F. <br />15. Partial Reduction or Release of Improvement Security. <br />REV: 08-29-18 PR <br />Page 7 of 24 <br />ATTY/AGR.2018.202/Kaiser MOB2 - IA <br />