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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) Payment Security. Developer shall furnish and deliver labor and <br />materials security in the amount of One Million One Hundred and Two Thousand <br />Eight Hundred Twenty Six Dollars ($1,102,826.00), concurrently with the execution of <br />this 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 furnishing 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) Warranty Security. Developer shall furnish and deliver warranty security <br />in the amount of One Hundred Ten Thousand and Two Hundred Eighty Two and <br />60/100 Dollars ($110,282.60), upon acceptance of the Improvements and prior to release <br />of the Performance Security. The security shall be in a form acceptable to the City <br />Engineer and shall guarantee and warrant the Work for a period of one (1) year following <br />the completion and acceptance thereof against any defective work or labor done, or <br />defective 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 />13.3 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 Improvement Plans and related specifications, and <br />modifications of the Improvements, not exceeding ten percent (10%) of the original Estimated <br />Cost of Work, shall not relieve or release any improvement security furnished by Developer <br />pursuant to this Agreement. If any such modifications exceed ten percent (10%) of the Estimated <br />Cost of Work, Developer shall furnish additional improvement security for, performance, <br />warranty, and payment, as required by Section 13.1 above, for one hundred percent (100%) of the <br />revised Estimated Cost of Work. <br />13.5 The City's approved bond forms are attached hereto as Exhibits B, C and D. <br />14. Partial Reduction or Release of Improvement Security. <br />AM/AGR/2019.063/MP BRADFORD ASSOCIATES, L.P., -IMPROVEMENT AGREEMENT <br />REV: 03-21-19 PR <br />Page 5 of 21 <br />