AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 68 of 154 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 amount of 10% of the Estimated Cost of Non-Blomquist Work upon acceptance of the Non- Blomquist 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 Non-Blomquist 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 Blomquist Work_Security. 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 for the Blomquist Work, 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: 01-21-2021 PR A. Performance Sec uri . Developer shall furnish and deliver performance security in the initial amount of 100% of the Estimated Cost of Blomquist Work, 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 Blomquist Work and will be released by City in accordance with Section 14 below upon final acceptance of the Blomquist Improvements as described in Subsection 12.2 and Developer's delivery of the Warranty Security described in Subsection 3.5.C(c). If (i) the Blomquist Work is not complete on the date that is twenty-one (21) months after the earlier of (A) County Segment Outside Date or (B) the County Authorization; and (ii) Developer has not made the County/Developer Segments In Lieu Payment in accordance with the terms of this Agreement, then the performance security shall be substituted with a security in the amount of 100% of the Escalated Cost of Blomquist Work (as defined below) with an annual escalator provision based on the Default Escalator set forth in the Development Agreement. B. Payment Security. Developer shall furnish and deliver labor and materials security in the initial amount of 100% of the Estimated Cost of Blomquist Work, concurrently with the execution of this Agreement, which security must meet the requirements of Government Code section 66499.2 and ATTYIAGR.2021.01011548 Maple LLC (Page 10 of 29) 280