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6.1.J. - Page 9 1�4.2 Upon acceptance of all or any specif ed category of t�e Itnpravements by the City Council and upon request of the Develaper,t�e improverr�ent security rr�ay be reduced or released as follows; (a} Security £or �erfoi�nance: Unless Developer subrt�its new or additional security in an amount equal to ten percent (10%) of the Estimated Tota1 Cost of the Improvements, tl�e security for performance and guarantee shall not be reduoed or released in an arr�ount greater than ninety percent (90°/a} af the aggregate prin.cipal amount thereof prior to the s�piration of tl�e one-year guarantee and warranty period specified in Section 9 nor until any claitns filed during the one-year warranty period have been settled. (b) Security for Payment: Security furnished to secure payment to contractors, subcontractors, and to persons providing labor, materials or equipment shall, six (6) montlas after acceptance of ali of the Improve�ents, be red�tced to an amaunt equal to the total amount claimed by all olaiman.ts for whom liens have been filed ar�d of whic� natice has been given to the City, plus an amount reasonably determined by the City Engineer to be required to assure the parformanee of any othe�• obligations secured by the security. Tk�e balance of t�e seeuriiy shall be released upon settlement or release of all cIaims anci obligations for which the security was given. (c} If Developar's obligations relating to any Improvements are subject to tl�e approval of another governmental agency,the City shall nat release the improvement security thereaf until the obligatian� are per�'ormed to the satisfaction of such other governmental agency. Such agency shall have two (2) months after Developer's perfor�ance of t�e obligation to register its satisfaction or dissatisfaction. If at the end of tk�at period it has not registered its satisfaction or dissatisfaction, it shall be oa�cluszvely deemed that the Developer's perFormance oft�e obligation was dane to its satisfaction. 1S. Warrantv Period; Repair ar�d Reconstruction. �ithout limiting the foregoing, Developer expressty warrants and guarantees all Work performed under this Agreement and all ma�erials used in the Work fot�a period of ane(1)year after fi�al acceptance in accordance with Section 12. If,within this one (1) year period, any Tmprovament or part of any Itnprovement installed or constructed, or caused to be installed or constructed by Developer, or any of the Work done under this Agreement, fails to fulfill any of the requirements of the Improverrient �'lans or this Agreerr��nt, Daveloper shall, with�ut delay and without cost to City, rapair, repiace or reconstruct any defective or otherwise unsatisfactoly part or parts of t�e Wo�•� or Impravement to the satisfaction of the City Engineer. Sho�ld Deveioper fail to act prornptly or in accordance with this requirsment, or should t�e exigencies of the situation req�ire repairs, replaeecnen.ts ax• reeonstruetion to be made before Developer can be notified, City may, at its option following thirty {30} days writ�en notice to cure to Developerr, zxxal�e the necessary repairs, replacements or parforrn the neoessary reconst�uction and Developer shatl pay to City upan dernand the actual cast of i suc�repairs,replacements or reconstn�ction. 16. Developer Nat A ent of City. Neither Developer nor Developer's contractors, subcontractors, agents, ofticers, or employees are agents or emplayees af City and the Developer's relationship to City, if any,arising he�•efrom is strietly tha#of an independent contractor. 17. Indemnification. 1�.1 Neitk�er the City, nor its officers, agents nor employees, shall be liable o:r responsible for any accident, injury, loss, or damage to either praperty or person attributable to or ATTYlAGR12012.06512580 ECR(URBAN HOUSING)Sl1BbIVISION IMPROV�M�NTAGR��MENT REV:06-05-12 VR Page 6 of 9fi