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13.2 Upon acceptance of all or any specified category of the Improvements by <br />the City Council and upon request of Developer, the improvement security may be <br />reduced or released as follows: <br />(a) Security for Performance: The security for performance will be <br />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 />in Subsection 12.1(c). At the request of Developer, the City Engineer may <br />release a portion of the security for performance in conjunction with the <br />acceptance of part of the Improvements; provided, however, that no such <br />release will be for an amount less than ten percent (10%) of the total security <br />for performance and such security will not be reduced to an amount less <br />than seventy-five percent (75%) of the total security for performance until <br />final completion and City acceptance of the Improvements. In no event will <br />the City Engineer authorize a release of the security for performance which <br />would reduce such security to an amount below that required to guarantee <br />the completion of the remaining Work and any other obligation imposed <br />under this Agreement. <br />(b) Security for Payment: Security furnished to secure payment to <br />contractors, subcontractors, and to persons providing labor, materials or <br />equipment will, six (6) months after acceptance of all of the Improvements, <br />be reduced to an amount equal to the total amount claimed by all claimants <br />for whom liens have been filed and of which notice has been given to City, <br />plus an amount reasonably determined by the City Engineer to be required <br />to assure the performance of any other obligations secured by the security. <br />The balance of the payment security will be released upon settlement or <br />release of all claims and obligations for which the security was given. <br />(c) If Developer's obligations relating to any Improvements are subject <br />to the approval of another governmental agency, City will not release the <br />improvement security thereof until the obligations are performed to the <br />satisfaction of such other governmental agency. Such agency will have two <br />(2) months after Developer's performance of the obligation to register its <br />satisfaction or dissatisfaction. If at the end of that period such agency has <br />not registered its satisfaction or dissatisfaction, it will be conclusively <br />deemed that Developer's performance of the obligation was done to its <br />satisfaction. <br />14. Warranty Period; Repair and Reconstruction. Without limiting the foregoing, <br />Developer expressly warrants and guarantees all Work performed under this Agreement <br />and all materials used in the Work for a period of one (1) year after City's final acceptance <br />in accordance with Section 13 (Partial Reduction or Release of Improvement Security). <br />If, within this one (1) year warranty period, any Improvement or part of any Improvement <br />installed or constructed, or caused to be installed or constructed by Developer, or any of <br />the Work done under this Agreement, fails to fulfill any of the requirements of the <br />REV: 10-25-24 VR <br />Page 7 of 23 <br />