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SUBDIVISION IMPROVEMENT AGREEMENT - TEMPLATE CITY ATTORNEY APPROVED VERSION REV: 04-26-2021 SK Page 6 of 23 them. City will retain the security until both (i) City accepts the Work in accordance with Subsection 11.2 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 13 (Partial Reduction or Release of Improvement Security). (c) Warranty Security. Developer will furnish and deliver warranty security in the amount of sixteen thousand four hundred seventy- eight dollars and twenty-three cents ($16,478.72) 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. 12.2 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. 12.3 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. 12.4 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 modifications exceed ten percent (10%) of the Estimated Cost of Work, Developer will furnish additional improvement security for, performance, warranty, and payment, as required by Subsection 12.1 above, for one hundred percent (100%) of the revised Estimated Cost of Work. 12.5 The City’s approved bond forms are attached hereto as Exhibits “B”, C and D, attached hereto and incorporated by reference. 13. Partial Reduction or Release of Improvement Security. 13.1 Partial releases or reductions in Developer’s improvement security may be authorized prior to City’s acceptance of all Improvements required hereunder, as provided in this Section 13. 7.H. - Page 10 of 27 121