Agmt12 333 Main Street RWC, LLC - Laserfiche WebLink

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security furnished by Owner pursuant to this Agreement. If any such modifications exceed ten percent (10%) of the Estimated Total Cost of the Improvements, Owner shall furnish additional improvement security for, performance and guarantee, and for payment, as required by subparagraph a above, for one hundred percent (100%) of the revised Estimated Total Cost of the Improvements. E. The City's approved bond forms are attached hereto as attachments C and D. 3. REDUCTION OR RELEASE OF IMPROVEMENT SECURITY A. Partial releases or reductions in the Owner's improvement security may be authorized prior to the City's acceptance of all Improvements required hereunder, as provided in this Section 3. B. Upon acceptance of all or any specified category of the Improvements by the City Council and upon request of the Owner, the improvement security may be reduced or released as follows: (1) Securitv for PerFormance: Unless Owner submits new or additional security in an amount equal to ten percent (10%) of the Estimated Total Cost of the Improvements, the security for performance and guarantee shall not be reduced or released in an amount greater than ninety percent (90°/a) of the aggregate principal amount thereof prior to the expiration of the one-year guarantee and warranty period specified in Section 9 nor until any claims filed during the one-year warranty period have been settled. (2) SecuriN for Pavment: Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment shall, six (6) months after acceptance of all of the Improvements, be reduced to an ATTY/AGR/2012.014/SUBDIVISION IIMPROVEMENT AGREEMENT 333 MAIN STREET REV:VR 01/30l12 � Page 5 of 74 �