Laserfiche WebLink
replacement or reconstruction work to be performed by Developer in <br />accordance with Section 15 of this Agreement remains outstanding. <br />13.2 General Requirements for All Improvement Security. <br />(a) If the improvement security is a corporate surety bond and, <br />in the opinion of City, any surety or sureties thereon become insufficient, <br />Developer will renew or replace any such surety with good and sufficient <br />surety or sureties within ten (10) days after receiving written demand thereof <br />from City. <br />(b) Improvement security consisting of corporate surety bonds <br />will be kept on file with the City Engineer. If a corporate surety bond is <br />replaced by another approved bond, the replacement will be filed with the <br />City Engineer and made a part of and incorporated into this Agreement. <br />Upon filing and approval by the City Engineer of a replacement bond, the <br />former improvement security will be released. <br />(c) Modifications of the Improvement Plans and related <br />specifications, and modifications of the Improvements will not relieve or <br />release any improvement security furnished by Developer pursuant to this <br />Agreement. If any such modifications increase the Estimated Cost of Work <br />by more than ten percent (10%), Developer will furnish additional <br />improvement security for, performance, warranty, and payment, as required <br />by Subsection 13.1 above, for one hundred percent (100%) of the revised <br />Estimated Cost of Work. <br />(d) The City's approved bond forms are attached hereto as <br />Exhibits B, C and D, attached hereto and incorporated by reference. <br />14. Partial Reduction or Release of Improvement Securit . <br />14.1 Partial releases or reductions in Developer's improvement security <br />may be authorized prior to City's acceptance of all Improvements required <br />hereunder, as provided in this Section 14. <br />14.2 Upon acceptance of all or any specified category of the <br />Improvements by the City Council and upon request of Developer, or in the event <br />the Developer is relieved of the obligation to construct the Community Gardens in <br />accordance with Section 3.2, the improvement security may be reduced or <br />released as follows: <br />REV: 04-07-2022 SK <br />(a) Security for Performance: The security for performance will <br />be released upon the final completion of the Work, City's acceptance of the <br />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 />ATTY/AGR.2022.083/South Main SIA (Page 8 of 26) <br />