Agmt12 Urban Housing Redwood City LLC

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additional sum to be paid and agrees that the annount payabls sha11 be increased by ten pet•cent(10%)in the avent payment is not made within such fifteen (15) day period. Any part of the Deposit or such additional sum or sums not utilized by City shall be returned pi•omptly to Developer. 11. Completion of Work, After Developer (a} completes the Work in accordance with the Improvement Plans and the terms and conditions of this Agreement, (b) repairs any private or public property damaged as a rasult of the Work or pays the fu11 cost of such rapair to the own8r whose property was damaged and {c) obtains the vsn•itten accESptance of such repair or payment from any owner whose private property was repaired by Developer or #o whom Develop�r paid the ;full cos# of such repair, Developer will provide City with a written notica of oompletion, together with cQpies of all written acceptances. 12. Final Acceptance. 12.1 Notice of Completion. Within thirty{30}days of recaipt of Developer's written notification pursuant to Sectian 11 above,the City Engineer sha11 inspect the Work and repairs and review the written acceptances, if any, and send Developer a writ�en notice stating whett►er the Work and repairs are complete to the satisfaction of the City Engineez; in his reasonable discretion,and whether the written acceptances have been provided. If the Work and repairs are, in the opinion af the City Engineer, not complete and satisfactory, and/or written acceptances have not been provided,the City Engineer will list the deficiencies that must be corrected to find the Work and repairs complete and satisfactory, Upon satisfactory comple�ion of the Work and repairs and submittal of written acceptances, the Ciry Engineer will send Develaper a written notice of satisfactory completion. The requirement for written acceptances may be waived by the Ciiy Engineer, in his reasonable discretion, if Developer has made commerciatly reasonabla efforts to abtain such acceptances. The Ciry Enginear's failure to respond to Developer's written notificafiion within thirty{30}days will not be deemed a breach or default under this Agreement. 12.2 Acceptance of �nprovements. After sending Developar a written notice of satisfactory completion pursuant to Section 12.1,the City Engineer will recommend acceptance of the Improvements to tha City Council. The acceptance af the �nprovements, offers of dedication and right of way,and easetnents(except as expressly provided in Sectian 16 below),if any, shall be by resolution of the City Council, with the xnatter placed on t3ie next available agenda for City Council act�an. Upon City Council's adoption of such resolution, the City Engineer shall promptly record a notice which provides far acceptance of the improvements,in a form to be approved by the City Attorney,in the Officiai Records of San Mateo County. 13. Parfarmance.Labor and Materials and Warran Security. 13.1 In accordance with Chapter 30 of the Redwood City Code, Developer will furnish and deliver to City,within the times set for�h below,the following security,each of which must be issued by a surety compa.ny duly and reguiariy authorized to do general surety business in the State of California,or such other surety as may be acceptable to the City Engineer. (a) Per�formanca Securi#v. Developer shall fiirnish and deliver performanca securiiy in the amount of Six Hundred Eighty Nine Thousand Threa Hundred Sixty Dollars($689,360.OU),concurrently with the execution of this Agreement,which security must meet the requirements of Government Code seotion 6b499.1 and Redwood City Code Sectian 30.80 $nd be acceptable to fhe City Engineer. The security shall be canditioned upon the faithful performance of this Agreement with respect to tk►e Work and shall be released by City in accordance with Section 14 below upon final acceptance Al?Y/AGR/2012.065l2580 ECR(URBAN HOUSING)SUBDIVISION IMPROVEMENTAGREEMENT REV:Q6-05-12 VR Page 4 oP 18