RecDoc2023-063040 Subdivision Improvement Agreement Broadway Plaza

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send Developer a written notice stating whether the Work and repairs are complete to the satisfaction of the City Engineer, in their reasonable discretion, and whether the written acceptances have been provided. If the Work and repairs are, in the opinion of the City Engineer, not complete and satisfactory, and/or written acceptances have not been provided, the City Engineer will list the deficiencies that Developer must correct to make the Work and repairs complete and satisfactory. Upon satisfactory completion of the Work and repairs and submittal of written acceptances, the City Engineer will send Developer a written notice of satisfactory completion. The requirement for written acceptances may be waived by the City Engineer, in their reasonable discretion, if Developer has made commercially reasonable efforts to obtain such acceptances. The City Engineer's failure to respond to Developer's written notification within thirty (30) days will not be deemed a breach or default under this Agreement. 12.2 Acceptance of Improvements. After sending Developer a written notice of satisfactory completion pursuant to Section 12.1, 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 of the acceptance of the Improvements, offers of dedication and rights-of-way and easements, as applicable, in a form to be approved by the City Attorney, in the Official Records of San Mateo County. 13. Performance Labor and Materials and Warranty Securit . 13.1 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 Seven Million, Three Hundred Twenty -Six Thousand, Four Hundred Twenty -Nine Dollars ($7,326,429.00), 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 14 below upon final acceptance of the Improvements as described in REV: 04-12-2023 SK ATTY/AGR.2023.70/SI XX, LLC (Broadway Plaza SIA) (Page 6 of 32)