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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 />release will be for an amount less than ten percent (10%) of the total security <br />for performance and such security will not be reduced to an amount less <br />than seventy-five percent (75%) of the total security for performance until <br />final completion and City acceptance of the Improvements. In no event will <br />the City Engineer authorize a release of the security for performance which <br />would reduce such security to an amount below that required to guarantee <br />the completion of the remaining Work and any other obligation imposed <br />under this Agreement. <br />(b) Security for Payment: Security furnished to secure payment <br />to contractors, subcontractors, and to persons providing labor, materials or <br />equipment will, six (6) months after acceptance of all of the Improvements, <br />be reduced to an amount equal to the total amount claimed by all claimants <br />for whom liens have been filed and of which notice has been given to City, <br />plus an amount reasonably determined by the City Engineer to be required <br />to assure the performance of any other obligations secured by the security. <br />The balance of the payment security will be released upon settlement or <br />release of all claims and obligations for which the security was given. <br />(c) If Developer's obligations relating to any Improvements are <br />subject to the approval of another governmental agency, City will not <br />release the improvement security thereof until the obligations are performed <br />to the satisfaction of such other governmental agency. Such agency will <br />have two (2) months after Developer's performance of the obligation to <br />register its satisfaction or dissatisfaction. If at the end of that period such <br />agency has not registered its satisfaction or dissatisfaction, it will be <br />conclusively deemed that Developer's performance of the obligation was <br />done to its satisfaction. <br />15. Warranty Period Repair and Reconstruction. Without limiting the <br />foregoing, Developer expressly warrants and guarantees all Work performed under this <br />Agreement and all materials used in the Work for a period of one (1) year after City's final <br />acceptance in accordance with Section 12 (Final Acceptance). If, within this one (1) year <br />warranty period, any Improvement or part of any Improvement installed or constructed, <br />or caused to be installed or constructed by Developer, or any of the Work done under this <br />Agreement, fails to fulfill any of the requirements of the Improvement Plans or this <br />Agreement, Developer will, without delay and without cost to City, repair, replace or <br />reconstruct any defective or otherwise unsatisfactory part or parts of the Work or <br />Improvement to the satisfaction of the City Engineer. Should Developer fail to act <br />promptly or in accordance with this requirement, or should the exigencies of the situation <br />require repairs, replacements or reconstruction to be made before Developer can be <br />notified, City may, at its option, make the necessary repairs, replacements or perform the <br />X:\D_E\DATA\Development\1390 Woodside Road\SUBDIVISION IMPROVEMENT AGREEMENT 5.27.2021 (final).docx <br />Initial: Q1 <br />Page 7 of 22 <br />