AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 69 of 154 REV: 01-21-2021 PR 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 Blomquist Work and to all persons furnishing labor, materials or equipment to them. City will retain the security until both (i) City accepts the Blomquist Improvements in accordance with Subsection 12.2 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. 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 labor and materials 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. C.Warranty Security. Developer shall furnish and deliver warranty security in the amount of 10% of the Escalated Cost of Blomquist Work (as defined below), upon acceptance of the 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 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. "Escalated Cost of Blomquist Work" means the sum of the Estimated Cost of Blomquist Work as specified herein plus the product of the Estimated Cost of Blomquist Work times the percentage increase in the Engineering News Record Construction Cost Index (CCI) for San Francisco, California between the Effective Date of this Agreement and the date on which City accepts the Blomquist Improvements as complete. For example purposes only, if the relevant increase in the CCI is 6%, the Escalated Cost of Blomquist Work would be calculated by the following formula: ($7,022,000 + (7,022,000 x 0.06)) _ $7,443,320. D. Release upon Makin of In Lieu Pa ment. Notwithstanding anything to the contrary in this Agreement, all of the Blomquist Work securities described in this Section 13.2 shall be promptly released if Developer makes the County/Developer Segments In Lieu Payment and delivers the Developer Work Product to City in accordance with Section 3.5.13 above. ATTY/AGR.2021.01011548 Maple LLC (Page 11 of 29) 281