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12. Performance,Labor and Materials and Warrantv Security. 12.1 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City,within the times set forth below,the following security, each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of California, or such other surety as may be acceptable to the City Engineer. (a) Performance Securitv. Developer shall furnish and deliver performance security in the amount of Three Hundred Sixtv Six Thousand Six Hundred Fifty and No/100 Dollars ($366,650.00), concurrently with the execution of this Agreement,which security must meet Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security shall be conditioned upon the faithful performance of this Agreement with respect to the Work and shall be released by City in accordance with Section 13 below upon final acceptance of the Improvements as described in Section 11.2 and Developer's delivery of the Wananty Security described in Section 12.3. (b) Payment Securitv. Developer shall furnish and deliver labor and materials security in the amount of Three Hundred Sixty Six Thousand Six Hundred Fiftv and No/100 Dollars ($366,650.00), concurrently with the execution of this Agreement, which security must meet the requirements of Redwood City Code Section 30.80 and be acceptable to City Engineer. The security shall secure payment to the contractor(s) and subcontractor(s) performing the Work and to all persons furnishing labor, materials or equipment to them. City shall retain the security until both (i) City accepts the Work in accordance with Section 11.2 above and (ii) the statute of limitations to file an action under Civil Code section 3114 et seq. has expired. The security amount may thereafter be reduced ar released by the City Engineer in accordance with Section 13. (c) Warranty Securitv. Developer shall furnish and deliver warranty security in the amount of Thirty Six Thousand Six Hundred Six Five and No/100Dollars ($36,665.00), upon acceptance of the Improvements and prior to release of the Performance Security. The security shall be in a form acceptable to the City Engineer and shall guarantee and warrant the Work for a period of one (1) year following the completion and acceptance thereof against any defective work or labor done, or defective materials furnished. 12.2 If the improvement security is a corporate surety bond and, in the reasonable opinion of City, any surety or sureties thereon become insufficient, the Developer shall renew or replace any such surety with good and sufficient surety or sureties within ten (10) days after receiving from City written demand thereof. 12.3 Improvement security consisting of corporate surety bonds shall be kept on file with the City Engineer. If a corporate surety bond is replaced by another approved bond, the replacement shall be filed with the City Engineer and made a part of and incorporated into this Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former improvement security shall be released. ATTY/AGR/2012.055/SUBDIVISION IMPROVEMENT AGREEMENT 201 MARSHALL REV:06-05-12 VR Page 4 of 16