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6.1.1. - Page 10 12.�4 Modifications of the Plans and related speci�cations, and modifications of the Impravernents,not exceeding ten percent(10%) of the ariginal Estitnated Cost of Work, shall not relieve or release any improvement security furnished by Developar pursuant to this Agreement. If any such modificatians exceed ten percent (10%) of tk�e Estimated Cost of Work, Develaper shall furnish additional improve�ent security for, performance, wai�ranty, and payment, as required by Section 12.1 above, for one hundred percent(100%) of the revised Estimated Cost of Wark. �2.5 City's approved bond forms are attached her�to as Exhibits C and D, 13. Partiai Reduction or Release of Improvement S_e_curity. 13.� Partial releases or reductior�s in the Developer's improvetnent security may he authorized prior to City's acceptance of all ��provements required hereunder, as provided in t�iis Section 13. 13.2 Upon acceptance af all or any speeif'ted category of the Improvements hy the City Council and upon reyuest of the Developer,the improvement security may be reduced or released as fallows: (a) Security for Performance: Unless Developer submits new or additional security in an amount equal to ten percent (1 D%) of the Estimated Total Cost of the Improvaments, the sec�rify for performance and guarantee shall not be reduced or released in an amount greater than ninety percent {90%) o� �e aggregate principal arr�ount thereof prio�•to tt�e exp�ration of the one-year guarantee and warranty period nor ut�til any clai�s£'iled during the one-year warranty period have been settled. (b} Sec�rit�y for Pay�ent: Security furnished to secure payment to contractors, subcontractars, and to persons providing labor,materials or equipment s�aall, six {6) months after acceptance of all of the Improvements, be red�ced to an amount equal to the total amoun�claimed by atl claimants for whom lisns have been filed and of which notice has been given to City, plus an amount reasonably determined by the City Engineer to be required to assure the perfo�nance of any other obliga�ions sec�red by the securiiy. The balance of the security shall be released upan settlenae�t or release af all claims and obligations for vvhich the security was given. (c) Tf Developer's obligations relatit�g to any Improvements are s�bject to the approval of another govern�entai agency, City shall not release the improvemen.t security thereof until t�►e obligations are perfarmed to the satisfaction of such other governmenfial agency. Such agency shall have two (2) manths after Developer's performance o£the obligation to register its satisfaction or dissatisfaotion. �f at the end of that period i� has no�registered its satisfaction or dissatis�action, it shall be conclusively deerned that the Daveloper's performanee of the obliga�ion was done ta its satisfaction. 14. Wairantv Period; Repair and Reconstruction. Without lizxziting the foregoing,Developer expressiy warrants and gaarantees a11 Work performed under this Agreement and a11 rnaterials used in the Work£or a pe;•iod of one (1)year after final acceptance in accordance with Sectian 12. If,within this one {1) year period, any Improvement or part of any Inapt•ove�nent installed or constructed, or caused to be installed or constructed by Developer, o�•any of the Work done under this Agreenaent, fails to fulfill any of the requuements of the Yrr►provement Plans or this Agreet�ent, Developer shall, without delay and without cost to CiLy, repair, areplace or reconst�uct any defective or otherwise unsatisfactory part ar parts ATTYIAGW2012.05515UBDIViSION IMPR01/�M�NT AGREEMENT 209 NEARS{-W�L REV;Q$-05-'f 2 VR Page 5 af 16