AgdaPkt 2011-12-12 - Laserfiche WebLink

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6.1. F. - Page 32 (3) Far S�eurity to Ins�re Guarantee. Owner agrees, as a con��tian precedenf to City's acceptance of ar�y of the Improvemenfs which are the subject of this Agreement, to furnis� and file with the City Clerk a bond or de�asit irt tl�e amat�nt of Farty Three Thousand Eight Hundred Sixteen ar�d Nof1D0 Dollars ($43,816.00) for afl expressly conditior�ed Improvements to secure �wner's compliance with the provisions of Paragraph 9 hereaf, far a perio� of o►�e (1) year after final acceptance of ti�e work dar�e under this Agreement. The form of this security shall be subject tn the City's prior appro�al. B. If the impro��m�nt security is a corporate surety bond and, in the opir�ion of fhe City, any surety or sureties, thereon become insufficient, t�e Owner shail rer�ew or repface any such surety with good a�d sufficient surety or sureties within ten (1 �) days after recei�ing �rom City written demand thereof. C. Improvement security cansisting of corporate surety bonds shali be kept on file with the City Engineer. If a carporate surety band is replaced by another appro�ed �ond, the replacement shall be filed vvith the City Engineer and made a part af an incorporated into t�is Agreement. Upon filing and appro�ai by the City E�gineer of a repfacement �ond, the for�ner irr�pro�ement security shall be released. D. Madifications of the lmprovements Plans and related specifications, and modifications of tf�e Improuements, r�at exceeding ten percent (10°/o) of the original Esfimated Total Cnst Qf the Impro�emen#s, shall not relieve or refease any impro�ement security furnished by Owner pursuant to this Agreement. lf any s�c� modificatior�s exceed ten percer�t (10%) of the Estimated Tofial Cost of the lmpro�er�ents, Owner shall furnish additional impro�ement securi#y for, performance and guarar�fiee, and for payment, as required by subparagra�h A aboue, far ane hundrec[ perce�t (100%) of the re�ised Est�mafed Totaf Cost of the Impro�ements. 3. REDUCTION OR RELEASE OF tMPROVEMENT SECURITY � A. Partial r�leases or reductions in the Owner's improvement security may be authorized prior to the City's acceptance of all Impro�ements required hereunder, as �ra�id�d in this Section 3. B. Upon acceptance of all or any specified category of the fmpravements by the City Council and upon request of the Owner, the improuemenf security may be reduced or released as follows: (1) 5ecuritv for Per�ormance The Security for Performance provided by Section 2.A.{1} a�ove may be re�eased as the Improvements �rogress; provided, howe�er, that no such release shall be for an amount less than ten percent (10%) of the tatal impro�ement security gi�en for faithful perfarmance of the act or work and fi�af the security shall nat be reduced to an amount less than seventy-five percent (75%) of t�e total impro�ement security gi�en for faithful performance ur�til final co�pletion and acceptance of the Impro�ements. In no event shall the City autf�orize a release of th� improvement security which � A�TYIAGRl2011.1341KENTFIE�D SUB�IVISION REV:12101111 Page 3 of 8