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City Code Section 30.80 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 14 below upon final acceptance <br />of the Improvements as described in Section 12.2 and Developer's delivery of the <br />_. _. ____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 Two Million, Two Hundred Ninety -Four Thousand, <br />Eighty -Four Dollars ($2,294,084.00), concurrently with the execution of this Agreement, <br />which security must meet the requirements of Government Code section 66499.2 and <br />Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security <br />shall secure payment to the contractor(s) and subcontractor(s) performing the Work and <br />to all persons furnishing labor, materials or equipment to them. City shall retain the <br />security until both (i) City accepts the Work in accordance with Section 12.2 above and <br />(ii) the statute of limitations to file an action under Civil Code section 8410 et seq. has <br />expired. The security amount may thereafter be reduced or released by the City Engineer <br />in accordance with Section 14. <br />(c) Warranty Security- Developer shall furnish and deliver warranty security <br />in the amount of Two hundred Twenty -Nine Thousand, Four Hundred Eight Dollars <br />($229,408), upon acceptance of the Improvements and prior to release of the Performance <br />Security. The security shall be in a form acceptable to the City Engineer and shall <br />guarantee and warrant the Work for a period of one (1) year following the completion <br />and acceptance thereof against any defective work or labor done, or defective materials <br />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 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 furnish additional improvement security for, performance, warranty, and payment, as <br />required by Section 13.1 above, for one hundred percent (100%) of the revised Estimated Cost of <br />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 />ATTY/AGR/2019.192/515 CLEVELAND — IMPROVEMENT AGREEMENT <br />REV: 07-25-19 DZ <br />Page 5 of 20 <br />