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may thereafter be reduced or released by the City Engineer in accordance <br />with Section 13 (Partial Reduction or Release of Improvement Security). <br />(c) Warranty Security. Developer will furnish and deliver <br />warranty security in the amount of Sixty Six Thousand Five Hundred Ninety <br />Nine 70/100 Dollars ($66,599.70), upon acceptance of the Improvements <br />and prior to release of the Performance Security. The security will be in a <br />form acceptable to the City Engineer and will guarantee and warrant the <br />Work for a period of one (1) year following the completion and acceptance <br />thereof against any defective work or labor done, or defective materials <br />furnished. <br />12.2 If the improvement security is a corporate surety bond and, in the <br />opinion of City, any surety or sureties thereon become insufficient, Developer will <br />renew or replace any such surety with good and sufficient surety or sureties within <br />ten (10) days after receiving written demand thereof from City. <br />12.3 Improvement security consisting of corporate surety bonds will be <br />kept on file with the City Engineer. If a corporate surety bond is replaced by another <br />approved bond, the replacement will be filed with the City Engineer and made a <br />part of and incorporated into this Agreement. Upon filing and approval by the City <br />Engineer of a replacement bond, the former improvement security will be released. <br />12.4 Modifications of the Improvement Plans and related specifications, <br />and modifications of the Improvements, not exceeding ten percent (10%) of the <br />original Estimated Cost of Work, will not relieve or release any improvement <br />security furnished by Developer pursuant to this Agreement. If any such <br />modifications exceed ten percent (10%) of the Estimated Cost of Work, Developer <br />will furnish additional improvement security for, performance, warranty, and <br />payment, as required by Subsection 12.1 above, for one hundred percent (100%) <br />of the revised Estimated Cost of Work. <br />12.5 The City's approved bond forms are attached hereto as Exhibits "B", <br />C and 0, attached hereto and incorporated by reference. <br />13. Partial Reduction or Release of Improvement Security. <br />13.1 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 13. <br />13.2 Upon acceptance of all or any specified category of the <br />Improvements by the City Council and upon request of Developer, the <br />improvement security may be reduced or released as follows: <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 />REV: 11-21-2022 SK <br />ATTY/AGR.2022.401/955 Woodside Rd., LLC (Page 6 of 23) <br />