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6.B. - Page 20 of 36 Hundred Fourteen and No/100 Dollars ($1,141,614.00), concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499.2 and Redwood City Code Section 30.80 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 12.2 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 14. (c) Warranty Security. Developer shall furnish and deliver warranty security in the anount of One Hundred Fourteen Thousand One Hundred Sixty -One and 40/100 Dollars ($114,161.40), 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. 13.2 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. 13.3 Improvement 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. 13.4 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 furnish additional improvement security for, performance, warranty, and payment, as required by Section 13.1 above, for one hundred percent (100%) of the revised Estimated Cost of Work. 13.5 The City's approved bond forms are attached hereto as Exhibits B, C and D. 14. Partial Reduction or Release of Improvement Securily. 14.1 Partial releases or reductions in the Developer's improvement security may be authorized prior to the City's acceptance of all Irnprovements required hereunder, as provided in this Section .14. 14.2 Upon acceptance of all or any specified category of the Improvements by the City Council and upon request of the Developer, the improvement security may be reduced or released as follows: (a) Security for Performance: The security for performance shall be released upon the final completion of the Work, the City's acceptance of the Improvements and REV: 10-08-15 VR ATTY/AGR/2015.224/HAMILTIN & WINSLOW PROPERTIES, LL? --IA Page 5 of 19 29