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6.1.J. - Page 8 of the Improvements as described in Section 12.2 and De�veloper`s deli�ery of the Warranty Security desoribed in Section 13.3. (b} Pavnaent Sec�u'itv, Develaper shall furnish and deliver labor atid materials security in the amount of Six Hundred Eighty Nine Thousand Three Hundred Sixty Dollars ($689,360.OQ), concurrently with the execution of this Agreement, which sec�rity must maet the requirements of Government Code section G6499.2 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall secure payment to the contrac�or(s) and subcontractor{s} performing the Work and to all persons furriishing labor, materials ar equipment to them. City shall retain the security u�►til botl� (i) City accepts the Work in accorda�ce with Section 12,2 above and (ii) the statute of limitations to file an action under Civil Code seetion 3114 et seq. has expired. The security amount may #hereafter be red�ced or released by the City Engineer in accorda�ce with Section 14. (c} Warrantx,Securi . Develaper sha11 fizrnish a�d deliver wat�ranty security in the amoun# of Sixty Eight Thousand Nine Hundred Thirty Six Dollars {$68,936.00), upon acceptance of the Improvements and prior to relaase of the Pei�formance Security. The secuxity shall be in a form acceptable to the City Engineer and shall guarantee and warrant the Work for a period o�one (lj year following the completian and acceptance thereof against any defective work or labor done,or defective materials fi��r►ished. 13.2 If the improvernent security is a corporate surety band and, in the opinion of the Ci€y, any surety or sureties thereon become insufficient,the Developer shall renew or replace any such surety with good and sufficient surety or sureties withi� ten {10) days after reeeiving from City written demand thereof. 13.3 Improvement security consisting of corparate surety bonds shall be kept on file with the City Engineer. If a corparate surety bond is replaced by another approved bond, the replacement shall be filed with the City Enginaer and made a part of and incorporated it�to this Agreement. Upo� filing and approval by the City Engineer of a replacernent band, t�e former improvement security shall be reteased. 13.4 Modifications of the Plans and related specifcations, and mad�fications of the Improvements,not exceeding ten percent(]D%) of t�►e original Estimated Cast of Vl�ork, shall not relie�e or release any improvement security f�rnished by D�veloper pursuan�to this Agree�nent. If any such rriodifications exceed ten percant (10%) of the Estimated Cost of Work, Developer shail furnish additional imipx•ovement security for, performance, warranty, and payment, as required by Section 13,1 above,for one hundred percent(100%) of t�e revised Estimated Cost of Work. 13.5 The City's approved bond forms are attached hereto as Ez�ibi�s B and C. 1�. �'ai�tial Reduction or Release of Im rovement Securi . 14.1 Partial releases o�• reductions in the Developer's improvament security �nay be autharized prior to t�e City's acceptance of all Improvements required here�nder, as provided in this Section 14. ATTY/AGR12012A6512580 ECR(URBAN HOUSING)SUBDIVESION IMPROVEMENT AGREEMENT R�,V:06-05-12 VR Page 5 of 76