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completed or have been paid for and written acceptances have been provided to the City Engineer. 17. SCOA's Improvement Security. In addition to the performance and labor and material securities to be provided by the General Contractor (the terms and costs of which are addressed in Sections 10 and 12 above), SCOA will furnish and deliver to City within the times set forth in the Schedule of Performance the following security instruments, 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: (a) Performance Security. Prior to commencement of construction of the Levee Improvements or any work of deconstruction of the existing Seaport Centre Levee, SCOA shall furnish and deliver performance security in the amount of one hundred percent (100%) of the Final Design and Construction Budget, 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 shall be conditioned upon the faithful performance of this Agreement with respect to the Levee Improvements work and shall be released by City as provided in this Section 17 below upon City's final acceptance of the Levee Improvements as described in Section 15 above and SCOA's delivery of the Warranty Security described in Subsection 17(c) below. (b) Payment Securitx. Prior to commencement of construction of the Levee Improvements or any work of deconstruction of the existing Seaport Centre Levee, SCOA shall furnish and deliver labor and materials security in the amount one hundred percent (100%) of the Final Design and Construction Budget, 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 shall secure payment to the contractor(s) and subcontractor(s) performing the Levee Improvements work and to all persons furnishing labor, materials or equipment to them. City shall retain the security until such time as (i) City has accepted the Levee Improvements in accordance with Section 15 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 this Section 17. (c) Warranty_ Security. SCOA shall furnish and deliver warranty security in the amount of ten percent (10%) of the Final Design and Construction Budget, prior to City's acceptance of the Levee Improvements and prior to release of the Performance security. The warranty security shall be in a form reasonably acceptable to the City Engineer and shall guarantee faithful performance of SCOA's warranty obligations, including repair and replacement obligations described in Section 22 below, from the date on which the City accepts the Levee Improvements as complete until expiration of the Warranty Period. SCOA's Warranty Period obligations will not, however, be limited to the amount of warranty security. (d) Costs of Securit . The costs of the performance, payment and warranty security shall be included in the Final Design and Construction Budget and the Final Project Costs (e) Filing and Replacement of Surety Bonds. Improvement security consisting of corporate surety bonds shall be kept on file with the City Engineer. If the improvement security OAK #4819-4834-1908 v20 22