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! <br /> of the Znnprovements as described in Section 12,2 and Developer's delivery of the <br /> Warranty Security described zn 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), concurrantly with the execution of this Agreament,which <br /> securiiy must meet the requiremen#s of Government Code section 66499,2 and Redwood <br /> City Code Section 30.80 and be acceptable to the City Engineer. The security shall <br /> secure payment to the confxactor(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 /> unti!both(i}City accepts the Work in accordanca with Section 12.2 above and (u) the <br /> statuts of limitations to file an action under Civil Code section 3114 et seq. laas expired. <br /> The security amount may thereafter be reduced or released by tha City Engineer in <br /> accordance with Section l4. <br /> (c) Warrant,y Securitv. Developer shall furnish and deliver wat�ranty securiTy <br /> in the amount of Sixty Eight Thousand Nine Hundred Thirty Six Dollars ($68,93b.00), <br /> upon acceptance of the Improvemants and pi7or to release of the Paiformance Security. <br /> The secwaty shall be in a form acceptable to the City Engineer and shall guarantee and <br /> warrant the Work for a period of one (1} yaar following the compl�ion and acceptance <br /> thereof against any defective woxk or labor done,or defec#iva materials fiu�nished. <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,the Developer shall renew or replace any <br /> such surety with good and sufficient surety or sureties within ten{10) days after receiving from <br /> City written demand tlzereof. <br /> 13.3 Improvement security consisting of corporate surety bonds sha11 be kept on file <br /> with the City Engineer. 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 uf and incorpoi�.ted into this <br /> Agreemern.t, Upon filing and approval by the City Engineer af a replacement bond, the formar <br /> improvement secw7ty shall be released. <br /> 13.4 Modifications of the Pians and related specifications, and modifications of the <br /> Improvements,not exceeding ten percent(1Q%)ofthe original Estiinated Cost of Work,shall not <br /> raliave ox release any improvement securiry furnished by Developer pursuant to this Agreement. <br /> If any such modifications exceed ten percent (IO%} of the Estimated Cost of Work, Developer <br /> shail furnish additional improvement 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 The Ciiy's approved bond forms are attached herato as Exhibits B and C. <br /> 14. Partial Reduction or Release of Im�rovement Securitv. <br /> 14.1 Partiai releases or reductions in the Developer's iznprovement securi�ty may be <br /> authorized prior to the City's acceptance of all Improvements required hereunder, as provided in <br /> this Section 14. <br /> ATTY/AGR/2012.065/2580 ECR{URBAN HOUSING}SUBDIVISION tMPROVEMENTAGREEMENT <br /> ' RE1/:06-05-12 VR <br /> Page 5 of 16 <br />