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6.1. B. - Page 10 <br />security furnished by Owner pursuant to this Agreement. If any such modifications <br />exceed ten percent (10 %) of the Estimated Total Cost of the Improvements, Owner <br />shall furnish additional improvement security for, performance and guarantee, and for <br />payment, as required by subparagraph a above, for one hundred percent (100 %) of the <br />revised Estimated Total Cost of the Improvements. <br />E. The City's approved bond forms are attached hereto as attachments C and D. <br />3. REDUCTION OR RELEASE OF IMPROVEMENT SECURITY <br />A. Partial releases or reductions in the Owner's improvement security may be <br />authorized prior to the City's acceptance of all Improvements required hereunder, as <br />provided in this Section 3. <br />B. Upon acceptance of all or any specified category of the Improvements by the <br />City Council and upon request of the Owner, the improvement security may be reduced <br />or released as follows: <br />(1) Security for Performance Unless Owner submits new or additional security <br />in an amount equal to ten percent (10 %) of the Estimated Total Cost of the <br />Improvements, the security for performance and guarantee shall not be <br />reduced or released in an amount greater than ninety percent (90 %) of the <br />aggregate principal amount thereof prior to the expiration of the one -year <br />guarantee and warranty period specified in Section 9 nor until any claims filed <br />during the one -year warranty period have been settled. <br />(2) Security for Payment Security furnished to secure payment to contractors, <br />subcontractors, and to persons providing labor, materials or equipment shall, <br />six (6) months after acceptance of all of the Improvements, be reduced to an <br />ATTY /AGR/2012.014 /SUBDIVISION (IMPROVEMENT AGREEMENT 333 MAIN STREET <br />REV:VR 01/30/12 <br />Page 5 of 14 <br />