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of the Improvements as described in Section 1.2.2 and Developer's delivery of tha <br /> Warranty Security described in Section 13.3. <br /> (b) Pavment Securitv. Developer shall furnish and deliver labor and <br /> materials security in the amount of Six Hundred Eighty Nine Thousand Three Hundred <br /> Sixty Dollars ($689,360.00), concurrently with the execution of this Agreement,which <br /> security must meet the requirements of Government Code section 66499,2 and Redwood <br /> City Code Section 3U.80 and be acceptable to the City Engineer. The security shall <br /> secure payment to tha contractor(s)and subcontractor{s}performing the Work and to all <br /> persons furnishing labor, materials or equipment to them. City shall retain the security <br /> until both(i)City accepts the Work in accordance with Section 12.2 above and (u) the <br /> statuta of limitatioms to file an action under Civil Code section 3114 et seq, has expired. <br /> The security amount may #hereafter be reduced or released by tha City Engineer in <br /> accordance with Section 14. <br /> (c) VfTarrantx Securitv. Developer shall furnish and deliver wairanty security <br /> in the amount of Sixty Eight Thousand Nine Hundred Tliirty Six Dollars {$68,936.00}, <br /> upon acceptance of the Improvemants and prior to release of the Parformance Security. <br /> The security shall be in a forn� acceptable to the City Enginear and shall guarantee and <br /> warrant the Work for a period of one(1) year following the comptetion and acceptance <br /> thereof against any defective work or labor dona,or defec#ive materials fiunished. <br /> 13.2 If the improvement security is a corporate surety bond and,in the opinion of the <br /> City,any surety or sureties thereon become insufficient,tha Daveloper shall renew or replace any <br /> such surety with good and sufficient surety or sureties wiY.hin ten{10)ciays after receiving from <br /> City written demand thereof. <br /> 13.3 Improvement security consisting of corporats surety bonds shall be kept on file <br /> with the City Engineex. If a corporate surety bond is replaced by another approved bond, the <br /> replacement shall be filed with the City Engineer and made a part of and incorporated into this <br /> Agreement, Upon filing and approval by fhe City Engineer of a replacement bond, the formar <br /> improvement seciuity shall be released. <br /> 13.4 Modifications of the Pians and related specifications, and modifications of the <br /> Imprrovemants,not exceeding ten percent(10%)of the original Estimated Cost of Work,shall not <br /> ralieve ox release any improvement security furnished by Developer putsuant to this Agreemen� <br /> If any such modifications exceed ten percent(IO%} of the Estimated Cost of Work, Developer <br /> shall furnish additional impt•ovement security for, performance, warranty, and payment, as <br /> required by Section 13,1 above,for one hundred percent(100%)of the revised Estimated Cost of <br /> Work. <br /> 13.5 'I'�e City's approved bond forms are attached herato as Exhibits B and C. <br /> 14. Partial Reduction or Release of Improvement Securitv. <br /> 14.1 Partiai releases oz•reductions in the Daveloper's improvement security rnay be <br /> authorized prior to the City's acceptance of all Improvements required hereunder, as provided in <br /> this Section 14. <br /> ATTY/AGRI2012.065/25$0 ECR{URBAN HOUSING)SUBDNISION IMPROVEMENT AGREEMENT <br /> ' REV:06-05-12 VR <br /> Page 5 of 16 <br />