Agmt20 HCP, Met Life, SCOA - Laserfiche WebLink

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is a corporate surety bond and, in the opinion of the City, any surety or sureties thereon become insufficient, SCOA shall renew or replace any such surety with good and sufficient surety or sureties within ten (10) days after City's written demand therefor. If a corporate surety bond is replaced by another approved bond, the replacement shall be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former improvement security shall be released. The bonds shall be substantially in the forms attached hereto as Exhibits G- 1, G-2 and G-3. (f) Increase in Security Due to Modification of Plans. Modifications of the Final Construction Documents and related specifications, and modifications of the Levee Improvements, not exceeding ten percent (10%) of the original Final Design and Construction Budget, shall not require any increase in the improvement security furnished by SCOA pursuant to this Agreement. If any such modifications exceed ten percent (10%) of the Final Design and Construction Budget, SCOA shall furnish additional improvement security for, performance and payment, as required by this Section 17, for one hundred percent (100%) of the revised Final Design and Construction Budget. (g) Release of Security. The security for performance shall be released upon the final completion of the Levee Improvements work, FEMA's accreditation of the New Levee, the City's acceptance of the Levee Improvements, SCOA's delivery of the warranty security described in Subsection 17(c) above, and SCOA's provision to City of lien releases from all contractors and subcontractors performing work on the work of Levee Improvements with contracts in an amount of $5,000 or more. Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment shall, six (6) months after acceptance of all of the Levee Improvements, be reduced to an amount equal to the total amount claimed by all claimants for whom liens have been filed and of which notice has been given to the City, if any, plus an amount reasonably determined by the City Engineer to be required to assure the performance of any other obligations secured by the security. The balance of the payment security shall be released upon settlement or release of all claims and obligations for which the security was given. If SCOA's obligations relating to any Levee Improvements are subject to the approval of FEMA or another governmental agency, the City shall not release the improvement security until the obligations are performed to the satisfaction of such other governmental agency. 18. Indemnity. (a) Indemnity by SCOA. SCOA, with respect to Claims (as defined below) not arising solely from the negligence of either Met Life or HCP or their respective employees, contractors and agents, shall indemnify, defend and hold harmless City, Port of Redwood City, Maintenance District and CFD and its and their elected officials, employees, contractors, agents and representatives (collectively, "City Parties") from and against any and all claims, liabilities and damages (including attorneys' fees and costs) (collectively, "Claims") arising directly or indirectly from the approval or implementation of this Agreement, including the proposed formation of the CFD, and performance of the Levee Improvements work, whether by SCOA or its contractors, subcontractors, employees, agents or representatives. OAK #4819-4834-1908 v20 23