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6.D. - Page 33 of 108 12.2 Acceptance of Improvements. After sending Developer a written notice of satisfactory completion pursuant to Section 12.1, the City Engineer will recommend acceptance of the Improvements to the City Council. The acceptance of the Improvements, offers of dedication and right -of way, and easements, if any, will be by City Council action, with the matter placed on the next available agenda. Upon City Council action, the City Engineer will promptly record a notice, in a form to be approved by the City Attorney, in the Official Records of San Mateo County. 13. Performance Labor and Materials and Warrant Securit . 13.1 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City, within the times set forth below, the following security, each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of California, or such other surety as may be acceptable to the City Engineer. REV: 12-16-19 PR (a) Performance Security. Developer will furnish and deliver performance security in the amount of Two Hundred One Thousand Six Hundred Sixty -One Dollars ($201,661.00), concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security will be conditioned upon the faithful performance of this Agreement with respect to the Work and will be released by City in accordance with Section 14 below upon final acceptance of the Improvements as described in Subsection 12.2 and Developer's delivery of the Warranty Security described in Subsection 13,1(c). (b) Payment_Security. Developer will furnish and deliver labor and materials security in the amount of Two Hundred One Thousand Six Hundred Sixty -One Dollars ($201,661.00), 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 will secure payment to the contractor(s) and subcontractor(s) performing the Work and to all persons furnishing labor, materials or equipment to them. City will retain the security until both (i) City accepts the Work in accordance with Subsection 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 will furnish and deliver warranty security in the amount of Twenty Thousand One Hundred Sixty-six and 1110 Dollars ($20,166.10), upon acceptance of the Improvements and prior to release of the Performance Security. The security will be in a form acceptable to the City Engineer and will guarantee and warrant the Work ATTYIAGR.2019.3151Woodside Professional Center, LLC (Page 5 of 22) 171