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6.1.1. - Page 9 <br /> 12, Performance,Labor and Materials and�Tarrantv Security, <br /> 12.� In accordance with Chapter 30 of the Redwaod CiLy Code, Developer will <br /> fiirnish and deliver to City,wi�hin the times set forth belovv,t�e�ollowing sec�trity, each of which <br /> must be issued by a surety company d�ly and regularly authorized to do gene�•al surety businass <br /> in the State of California,or such other surety as may be acceptable to the City Engineer. <br /> {a) Perfornnance Securitv. Developer shall fizrnish and dalive�•pe�£oz�ance <br /> security in the a�nount of Three Hundred Sixtv Six Thousand Six Hundred �ifty and <br /> No/10� Dollars ($366,650.00), concurrently with the execution of this Agceement,vvhich <br /> sec�rity �nust meet Redwood City Code Section 30.80 and be acceptable to the City <br /> Engineer. The security shali be conditioned upon the £ai�ft�1 per�'ormance of this <br /> Agree�nent with respect to t�e Work and shall be released by City in accordance with <br /> Section 13 belaw upon fmal accep�ance of the Improvements a�described in Section 11.2 <br /> and Developer's deli�ery of t�e Warranty Security described in Section 12.3. <br /> (b) Payment Securitv. Developer shall fi�rnish and deliver labor and <br /> rnaterials security in the a.�aount of Three Hundred Sixtv Six Thousand Six Hundz�ed�iftv <br /> at�d No/100 Dollars ($366,650.00}, concurrently with the execu�ion of this Agreernent, <br /> which security musti meet the requirements of Redwood City Cade Section 30.80 and be <br /> acceptable ta City Engineer. The security shall secure paytnent to the contractor(s} and <br /> subcontractor(s} performing the Work and to all persons furnishing labor, rnaterials or � <br /> equipment to the�. City shall retain the security until both (i) City accepts t1�e Work in <br /> accordance with Sectian 11.2 above and {ii) the statute af limitations to file an action <br /> under Civil Cade section 3114 et seq. has expired. The security amount rna�thereafter <br /> be reduced or released by the City Engineer in acco�•dance�with Section 13. <br /> (c} Warran�v Securit� Developer shall furnish and detiver warran�y seourity <br /> in the am.aunt af Thirty Six Thousand Six Hundred Six, Five and No/100Dollars <br /> ($36,665A0), upon acceptance of th�e Irnprovements ar�d prior to release of the <br /> Perfortnance Sec��•ity. The security shall be in a forrn acceptable to the City Engineer <br /> and shall guarantee and warrant the Wor�C for a period of one (1) year following the <br /> cornpletian and acceptance thereaf against any defective work or labor done, or defective <br /> materials furnished. <br /> 12.2 If the improvetnent security is a corporate surety bond and, in the reasonable <br /> opinion of City, any surety or sureties thereon become i�suf�'icient, the Developer shall renew or <br /> replace any such surety with goad and suf�'icient surety or sureties within ten (10} days after <br /> receivir�g from City written de�and thereof. <br /> 12.3 �nnprovement security consisting of corporate surety bands shall be �Cept on file <br /> with the City Engineer. If a co�porate surety bond is replaced by another appro�vad bond, the <br /> replacement shall be filed witl� the City Engineer and made a part of and incotporated into this <br /> Agreeznent. Upon fling and approval by the City Engineer of a replacement bond, the former <br /> improvement security sha11 be released. <br /> ATTYIAGR12012.0551SUBC1IVlSION IMPROVEMEiVT AGREEMENT 209 IVIAftSHAI.L <br /> FtEV:06-D5-12 VR <br /> Page 4 af 16 <br />