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(a) Security for Performance: The security for performance will be <br />released upon the final completion of the Work, City's acceptance of <br />the Improvements and Developer's delivery of the warranty security <br />described in Subsection 12.1(c). At the request of Developer, the City <br />Engineer may release a portion of the security for performance in <br />conjunction with the acceptance of part of the Improvements; <br />provided, however, that no such release will be for an amount less <br />than ten percent (10%) of the total security for performance and such <br />security will not be reduced to an amount less than seventy-five <br />percent (75%) of the total security for performance until final <br />completion and City acceptance of the Improvements. In no event <br />will the City Engineer authorize a release of the security for <br />performance which would reduce such security to an amount below <br />that required to guarantee the completion of the remaining Work and <br />any other obligation imposed under this Agreement. <br />(b) Security for Payment: Security furnished to secure payment to <br />contractors, subcontractors, and to persons providing labor, <br />materials or equipment will, six (6) months after acceptance of all of <br />the Improvements, be reduced to an amount equal to the total <br />amount claimed by all claimants for whom liens have been filed and <br />of which notice has been given to City, plus an amount reasonably <br />determined by the City Engineer to be required to assure the <br />performance of any other obligations secured by the security. The <br />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 <br />the improvement security thereof until the obligations are performed <br />to the satisfaction of such other governmental agency. Such agency <br />will have two (2) months after Developer's performance of the <br />obligation to register its satisfaction or dissatisfaction. If at the end <br />of that period such agency has not registered its satisfaction or <br />dissatisfaction, it will be conclusively deemed that Developer's <br />performance of the obligation was done to its satisfaction. <br />14. Warran 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 />Improvement Plans or this Agreement, Developer will, without delay and without cost to <br />City, repair, replace or reconstruct any defective or otherwise unsatisfactory part or parts <br />REV: 05-13-25 VR <br />ATTY/AGR.2025.064/Stanford Health Care (2950 Bay Rd. LMA) (Page 7 of 24) <br />