RecDoc2023-063040 Subdivision Improvement Agreement Broadway Plaza

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Subsection 12.2 and Developer's delivery of the Warranty Security described in Subsection 13.1(c). (b) Payment Security. Developer will furnish and deliver labor and materials 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 66499.2 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 12.2 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 14. (c) Warranty Security, Developer will furnish and deliver warranty security in the amount of Seven Hundred Thirty -Two Thousand, Six Hundred Forty - Two and 90/100 Dollars ($732,642.90), upon acceptance of the Improvements and prior to release of the Performance Security. The security will be in a form acceptable to the City Engineer and will guarantee and warrant the Work for a period of one (1) year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. 13.2 If the improvement security is a corporate surety bond and, in the opinion of City, any surety or sureties thereon become insufficient, Developer will renew or replace any such surety with good and sufficient surety or sureties within ten (10) days after receiving written demand thereof from City. 13.3 Improvement security consisting of corporate surety bonds will be kept on file with the City Engineer. If a corporate surety bond is replaced by another approved bond, the replacement will be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former improvement security will be released. 13.4 Modifications of the Improvement Plans and related specifications, and modifications of the Improvements, not exceeding ten percent (10%) of the original Estimated Cost of Work, will not relieve or release any improvement security furnished by Developer pursuant to this Agreement. If any such REV: 04-12-2023 SK ATTY/AGR.2023.70/SI XX, LLC (Broadway Plaza SIA) (Page 7 of 32)