RecDoc 2020-036922 Subdivision Agmt 1180 Main Street

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(a) Security for Performance: The security for performance will be released upon the final completion of the Work, City's acceptance of the Improvements and Developer's delivery of the warranty security described in Subsection 13.1(c). At the request of Developer, the City Engineer may release a portion of the security for performance in conjunction with the acceptance of part of the Improvements; provided, however, that no such release will be for an amount less than ten percent (10%) of the total security for performance and such security will not be reduced to an amount less than seventy-five percent (75%) of the total security for performance until final completion and City acceptance of the Improvements. In no event will the City Engineer authorize a release of the security for performance which would reduce such security to an amount below that required to guarantee the completion of the remaining Work and any other obligation imposed under this Agreement. (b) Security for Payment: Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment will, six (6) months after acceptance of all of the 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 City, 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 will be released upon settlement or release of all claims and obligations for which the security was given. (c) If Developer's obligations relating to any Improvements are subject to the approval of another governmental agency, City will not release the improvement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency will have two (2) months after Developer's performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period such agency has not registered its satisfaction or dissatisfaction, it will be conclusively deemed that Developer's performance of the obligation was done to its satisfaction. 15. Warranty Period: Repair and Reconstruction. Without limiting the foregoing, Developer expressly warrants and guarantees all Work performed under this Agreement and all materials used in the Work for a period of one (1) year after City's final acceptance in accordance with Section 12. If, within this one (1) year warranty period, any Improvement or part of any Improvement installed or constructed, or caused to be installed or constructed by Developer, or any of the Work done under this Agreement, fails to fulfill any of the requirements of the Improvement Plans or this Agreement, Developer will, without delay and without cost to City, repair, replace or reconstruct any defective or otherwise unsatisfactory part or parts of the Work or Improvement to the satisfaction of the City Engineer. Should Developer fail to act promptly or in accordance with this requirement, and such failure is not cured within the time period set forth in Section 23, or should the exigencies of the situation require repairs, replacements or REV: 02-18-2020 PR ATTY/AGR.2020.025/Premia 1180 Main Owner, LLC (Page 7 of 22)