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(c) Warranty Security. Developer will furnish and deliver warranty <br />security in the amount of nineteen thousand five hundred ninety three <br />dollars and fifty-nine cents ($19,593.59), upon acceptance of the <br />Improvements and prior to release of the Performance Security. The <br />security will be in a form acceptable to the City Engineer and will guarantee <br />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 <br />defective materials furnished. <br />13.2 If the improvement security is a corporate surety bond and, in the <br />opinion of City, any surety or sureties thereon become insufficient, Developer will <br />renew or replace any such surety with good and sufficient surety or sureties within <br />ten (10) days after receiving written demand thereof from City. <br />13.3 Improvement security consisting of corporate surety bonds will be <br />kept on file with the City Engineer. If a corporate surety bond is replaced by another <br />approved bond, the replacement will be filed with the City Engineer and made a <br />part of and incorporated into this Agreement. Upon filing and approval by the City <br />Engineer of a replacement bond, the former improvement security will be released. <br />13.4 Modifications of the Improvement Plans and related specifications, <br />and modifications of the Improvements, not exceeding ten percent (10%) of the <br />original Estimated Cost of Work, will not relieve or release any improvement <br />security furnished by Developer pursuant to this Agreement. If any such <br />modifications exceed ten percent (10%) of the Estimated Cost of Work, Developer <br />will furnish additional improvement security for, performance, warranty, and <br />payment, as required by Subsection 13.1 above, for one hundred percent (100%) <br />of the revised Estimated Cost of Work. <br />13.5 The City's approved bond forms are attached hereto as Exhibits B, <br />C and D, attached hereto and incorporated by reference. <br />14. Partial Reduction or Release of Improvement Security. <br />14.1 Partial releases or reductions in Developer's improvement security <br />may be authorized prior to City's acceptance of all Improvements required <br />hereunder, as provided in this Section 14. <br />14.2 Upon acceptance of all or any specified category of the <br />Improvements by the City Council and upon request of Developer, the <br />improvement security may be reduced or released as follows: <br />REV: 01-24-20 PR <br />(a) Security for Performance: The security for performance will <br />be released upon the final completion of the Work, City's acceptance of the <br />Improvements and Developer's delivery of the warranty security described <br />in Subsection 13.1(c). At the request of Developer, the City Engineer may <br />release a portion of the security for performance in conjunction with the <br />acceptance of part of the Improvements; provided, however, that no such <br />ATTY/AGR.2020.014/Valera Fooksman (Page 6 of 22) <br />