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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°!0) of.the <br /> revised Estimated Total Cost of the Improvements. <br /> E. The City's approved bo�d 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) Securitv 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) Securitv for Pavment: 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 IIMPROVEMENTAGREEMENT 333 MAIN STREET <br /> REV:VR Ot/30/72 <br /> - Page 5 of 14 <br />