Agmt12 Urban Housing Redwood City LLC

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14.2 Upon acceptance of all or any specified category of t�e Improvements by the City Council and upon request of the Developer,the improvement security may be reduced or released as follov�rs: (a) Security for Perfoi�rnance: Ur►less Developer submits new or additional security in an amount equal to ten percent (10%) of the Estimated Total Cost of the Iznprovements, the securify for performance and guarantee sha11 not be reduced or released in an amount greater than ninety percent {90%} of tha aggragate principal amoun# thereof prior to the expiration of the one-year guarantee and warranty period ' speci�ied in Section 9 nor until any claims filed during the one-year warranty period have been settled. (b) Seaurity far Payment: Security furnished to secure payment to contractors, subcontraetors,and to persozis providing labor,matarials 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 6een filed and of which notice has been given to the City, plus an arnount reasonably determined by the City Engineer to be required to assure the performance of any other obligations secured by the security. The balance of fhe security shall be released upon settlement or release of a11 claims and obligaiions for which the security was given. (c) If Develaper's obligations relating to any Improvements are subject to t1�e approval of another govarnmanta.l agency,the City shall not release#he improvement security thereof unti3 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 sa#isfaction or dissatisfaction. If at the end of that period it has not registered its satisfact�on or dissatisfaction, it shall be conclusively deetned that the Developer's performance ofthe obligation was done to its satisfaction. 1S. Warrantv Period;Rapair and Reconstruction, Withaut limiting the foregoing,Developer expressly warrants and guarantees ali Work performed under this Agreement and all materials used in the Work for a period of one(1)year after final acceptance in aocordance with Section 12. Yf,within this one {1} year period, any Tmprovement or part of any Improvement insta�led or consiructed, 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 1'lans or this Agreament, Devaloper shall, without dalay and without cost to City,rapair, replace or reconstruct any defective or atherwise unsatisfactory part or parts af the Work or Improvement to the satisfaction of the City Engineer. Should Deveioper fail to act prornptly or in accordance with this requirement,or should the exigencies of the situation require repairs, replacements oz• reconstrucrion to be mad8 before Developer can be notified, City may, at its option following thirty (30) days written notice to cure to Developex, make the necessary repairs,replacaments or perform tha necessary reconstruction and Deveioper shall pay to City upon demand the actual cost of such repairs,replacements or reconstruotion. • � ld. Developer Not Agent of Citv. Neitb.er Developer nor Developer's contractors, � suhcontractors, agents, officeis, or employees are agents or employees of City and the Developer's relationship to City,if any,arising herefron�is strictly that of an independent coniractor. 17. Indemnification. 17:1 Neitk►err the City, nor its officers, agents nor employees, shall be liable or responsible for any accident, injury,loss,or damage to either property or person attributable to or A77YlAGR12012.065/2580 ECR(URBAN liOUSING)SUBDIVISlON IMPROVEIViENTAGf2E�MENT REV:06-45-12 VR Page 6 of 96 .