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6.1.D. - Page 54 the eve�;t payment is not made within s�ch ten (10} day periad. Any part of the Deposit o�• such additional sum or sums not utilized by City shall be returned pramptly to Developer. 1�. Completion of Wark. Aftea• Developer (a} completes th� Wo�•� in accardance with the Improvement Plans and the terins aud conditions of this Agreement, {b) repairs any private or publie propet�ty datnaged as a result of the Wo�•k or pays the fu11 cost of s�ch repaic to the owner whose property was damaged and (c} obtains the written acceptance of such repait• ot• payment from any owner whose p�•ivate prope��ty was repaired by Developer or to who3n Developei• paid the full cost af such repaij•, Develape�� will provide City with a written natice of co�npletion, togethe�• with copies o�' ail written aeceptances. 12. Pinal Acceptance. 12.� Notice of Completion. Within thirty {30) days of receipt of Develaper's written notification pu�•suant to Section l l above, the City �nginee�• shall inspect the Wock and repaics and �•e�iew the written acceptances, if any, and send Develope�• a written notice stating whether the Work and repairs are camplete ta the satisfactior� af t1�� City Engineer, in his reaso��able discj-etiar�, and whether the written accepta��ces have been provided. If the Work and repai�•s are, in the apinior► of the City Engineer, not cajnplete and satisfactary, and/o�• written acceptances have not bean provided, �he City Enginee�•will list the de�ciencies that must be corrected to find the Work and repairs complete attd satisfactory. Upon satisfactory cottapletion of the Work and repai�•s and sub�ittal of v�n•itten acceptances, the City Engineer will send De�eloper a w�•itten notice of satisfactory completio�S, The requi�•ement for written acceptances may be waived by�he City Engineer, in his reasonable discretion, if Developer has rnade commercially reasanable efforts to obtain s�ct� acceptances. The City Engineer's failure to respond to Developer's w�•itten natification within thirty(3a}days wi11 not be deemed a breach or default under this Agreernent. 12.2 Acce�ance of Improvements. After sending Develo�er a writ��n notice of satisfactox•y campletion pursuant to Section 12.1, the City Engineer will recommend aceeptance of ihe Improvem�nts to the City Cauncil. T�e acceptance of the Improverr�ents, offers a� dedication and �•ight-of way, and easements{except as expressly provided in Section 16 below), if any, shall be by resolution af the City Cauncil, wi#h the matt�r placed on the next available agenda for City Council action. Upon City Council's adoption of such resolution, the City Engit�eer sl�all prornptly record a ilotice, in a foi7n to be approved by t�e City Attorney, in the Official Records of San Mateo County. 13, Perfocmance Labor and Materials and Warrant Seeurit . 13.� In accordance with Chapter 30 of the Redwood City Code, De�eloper will fu��nish and deliver to City, withi�the times set forth below,tha following sec��•ity, each of which must be issued by a surety eompany duly and regula�•1y authorized to do general sua•ety bt�siness in the State of Califorr�ia, o�•such other suz�ety as may be acceptable to the City E��gineer. {a) Performance Securitv. Developer shall furnish and delive�•perfarmance sec�rity in �he amaunt of oiie milIion dollars ($1,OQ0,000,00), coneu�•rently with the e�.ecutio3z of this Agreement, whieh secuz•ity must meet the requirements of Gave�•nrr�ent Code sectian 66499.1 and Redwood City Code Section 30.$Q and be acceptable to the City Enginee�•. The secu�•ity shall be conditioned upon the faithful perforinatace of this Agreement witl� �•espect to the Wo�•k and shall be releasad by City in accordance with Sectian 14 below upon final acceptance of th�Impravements as described in Section 12.2 and Developet•'s delivery of the Wat't'anty Security deseribed in Section 13.3, ATTYIAGR12093.D091SUBDIVI510N IMPROV�MENT AGREEMENT ONE MARINA FiEV:01-14-13 V�t Page 4 of 15