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security until both (i) City accepts the Work in accordance with Subsection <br />11.2 above and (ii) the statute of limitations to file an action under Civil Code <br />section 8410 et seq. has expired. The security amount may thereafter be <br />reduced or released by the City Engineer in accordance with Section 13 <br />(Partial Reduction or Release of Improvement Security). <br />(c) Warranty Security. Developer will furnish and deliver warranty <br />security in the amount of Five hundred Ninety -Seven Thousand Eight <br />Hundred Ninety -Nine Dollars ($597,899), upon acceptance of the <br />Improvements and prior to release of the Performance Security. The <br />security will be in a form acceptable to the City Engineer and will guarantee <br />and warrant the Work for a period of one (1) year following the completion <br />and acceptance thereof against any defective work or labor done, or <br />defective materials furnished. <br />12.2 If the improvement security is a corporate surety bond and, in the opinion <br />of City, any surety or sureties thereon become insufficient, Developer will renew or <br />replace any such surety with good and sufficient surety or sureties within ten (10) <br />days after receiving written demand thereof from City. <br />12.3 Improvement security consisting of corporate surety bonds will be kept on <br />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, and <br />modifications of the Improvements, not exceeding ten percent (10%) of the original <br />Estimated Cost of Work, will not relieve or release any improvement security <br />furnished by Developer pursuant to this Agreement. If any such modifications <br />exceed ten percent (10%) of the Estimated Cost of Work, Developer will furnish <br />additional improvement security for performance, warranty, and payment, as <br />required by Subsection 12.1 above, for one hundred percent (100%) of the revised <br />Estimated Cost of Work. <br />12.5 The City's approved bond forms are attached hereto as Exhibits B. C and <br />D, incorporated herein by reference. <br />13. Partial Reduction or Release of Improvement Security. <br />13.1 Partial releases or reductions in Developer's improvement security may be <br />authorized prior to City's acceptance of all Improvements required hereunder, as <br />provided in this Section 13. <br />REV: 10-25-24 VR <br />Page 6 of 23 <br />