RecDoc 2026-042038 First Amendment South Main Mixed-Use Project

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Agreement, or a release of security required for uncompleted or deficient work. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: herein. The foregoing recitals are true and correct and by this reference are incorporated 2. Subsection 14.2(a) of the Agreement is amended to read as follows: (a) Security for Performance: The security for performance will be released upon the final completion of the Work, City's acceptance of the Improvements and Developer's delivery of the warranty security described in Subsection 13.1(c). At the request of Developer, the City Engineer may release a portion of the security for performance in conjunction with the acceptance of part of the Improvements; provided, however, that no such release will be for an amount less than ten percent (10%) of the total security for performance and such security will not be reduced to an amount less than fifty percent (50%) of the total security for performance until final completion and City acceptance of the Improvements. In no event will the City Engineer authorize a release of the security for performance, which would reduce such security to an amount below that required to guarantee the completion of the remaining Work and any other obligation imposed under this Agreement. Subsection 14.2(b) of the Agreement is amended to read as follows: (b) Security for Payment: Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment will, six (6) months after acceptance of all of the Improvements, be reduced to an amount equal to the total amount claimed by all claimants for whom liens have been filed and of which notice has been given to City, plus an amount reasonably determined by the City Engineer to be required to assure the performance of any other obligations secured by the security. The balance of the payment security will be released upon settlement or release of all claims and obligations for which the security was given. Notwithstanding the foregoing, City may, in the sole discretion of the City Engineer, release a portion of the security for payment following acceptance of fewer than all of the Improvements provided that sufficient security remains to assure performance of remaining obligations. 4. Subsection 14.2(e) is hereby added to the Agreement to read as follows: (e) In the event of assignment of this Agreement pursuant to Section 30 following partial fulfillment of Developer's obligations under this Agreement, the City may, in its sole discretion, accept replacement bonds from one or more assignees for any and all remaining bond obligations of Developer in this Section 14. Any such replacement bonds must be reviewed and approved by the City Engineer and must comply with all requirements of Section 13 of this Agreement REV: 06-15-26 VR ATTY/AGR.2026.144/Kopf A, Kopf B, C, E, IQHQ, IQHQ TRS (SIA Amendment 1, Elco Yards) (Page 2 of 5)