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12.4 Modifications of the Plans and related specifications, and modifications of the Improvements,not exceeding ten percent(10%)of the original Estimated Cost of Work, shall not relieve or release any improvement security furnished by Developer pursuant to this Agreement. If any such modifications exceed ten percent (10%) of the Estimated Cost of Work, Developer shall furnish additional improvement security for, performance, warranty, and payment, as required by Section 12.1 above, for one hundred percent(100%)of the revised Estimated Cost of Work. 12.5 City's approved bond forms are attached hereto as E�ibits C and D. 13. Partial Reduction or Release of Improvement Securitv. 13.1 Partial releases or reductions in the Developer's improvement security may be authorized prior to City's acceptance of all Improvements required hereunder, as provided in this Section 13. 13.2 Upon acceptance of all or any specified category of the Improvements by the City Council and upon request of the Developer,the improvement security may be reduced or released as follows: (a) Security for Performance: Unless Developer submits new or additional security in an amount equal to ten percent (10%) of the Estimated Total Cost of the Improvements, the security for performance and guarantee shall not be reduced or released in an amount greater than ninety percent (90%) of the aggregate principal amount thereof prior to the expiration of the one-year guarantee and warranty period nor until any claims 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) months after acceptance of all of the Improvements, be reduced to an amount equal to the total amount claimed by all claimants for whom liens 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 performance of any other obligations secured by the security. The balance of the security shall be released upon settlement or release of all claims and obligations for which the security was given. (c) If Developer's obligations relating to any Improvements are subject to the approval of another governmental agency, City shall not release the improvement security thereof until the obligations are performed to the satisfaction of such other governmental agency. Such agency shall have two (2) months after Developer's performance of the obligation to register its satisfaction or dissatisfaction. If at the end of that period it has not registered its satisfaction or dissatisfaction, it shall be conclusively deemed that the Developer's performance of the obligation was done to its satisfaction. 14. Warranty Period; Repair and Reconstruction. Without limiting the foregoing, Developer expressly warrants and guarantees all Work performed under this Agreement and all materials used in the Work for a period of one(1)year after final acceptance in accordance with Section 12. If,within this one (1) year period, any Improvement or part of any Improvement 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 Improvement Plans or this Agreement, Developer shall, without delay and without cost to City, repair, replace or reconstruct any defective or otherwise unsatisfactory part or parts ATTY/AGR/2012.055/SUBDIVISION IMPROVEMENT AGREEMENT 201 MARSHALL REV:06-05-12 VR Page 5 of 16