RecDoc2022-069456 3247 Oak Knoll DriveSubdivision

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11.2 Acceptance of Improvements. After sending Developer a written notice of satisfactory completion pursuant to Section 11.1, the City Engineer will recommend acceptance of the Improvements to the City Council. The acceptance of the Improvements, offers of dedication and right -of way, and easements, if any, will be by City Council action, with the matter placed on the next available agenda. Upon City Council action, the City Engineer will promptly record a notice, in a form to be approved by the City Attorney, in the Official Records of San Mateo County. 12. Performance. Labor and Materials and Warranty_ Security_. 12.1 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City, within the times set forth below, the following security, 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. Developer will furnish and deliver performance security in the amount of One Hundred Thirty Five Thousand Seven Hundred Five Dollars and Forty One Cents($135,705.41), concurrently with the execution of this Agreement, 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 will be conditioned upon the faithful performance of this Agreement with respect to the Work and will be released by City in accordance with Section 13 (Partial Reduction or Release of Improvement Security) upon final acceptance of the Improvements as described in Subsection 11.2 and Developer's delivery of the Warranty Security described in Subsection 12.1(c). (b) Payment Securitx. Developer will furnish and deliver labor and materials security in the amount of One Hundred Thirty Five Thousand Seven Hundred Five Dollars and Forty One Cents ($135,705.41), concurrently with the execution of this Agreement, 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 will secure payment to the contractor(s) and subcontractor(s) performing the Work and to all persons furnishing labor, materials or equipment to them. City will retain the security until both (i) City accepts the Work in accordance with Subsection 11.2 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 Section 13 (Partial Reduction or Release of Improvement Security). (c) Warranty Security. Developer will furnish and deliver warranty security in the amount of Thirteen Thousand Five Hundred Seventy Dollars and Fifty Four Cents ($13,570.54), upon acceptance of the REV: 05-27-2022 SK ATTY/AGR.2022.125/Timothy Regan (Page 5 of 22)