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6.1.D. - Page 55 <br /> (b} Payjnent Secu�•itv. Developer shall furnish and deliver labor and <br /> materials sect��•ity in tlze atnount of one million dollars($1,000,000.aa>, cot�cuc�•ently with <br /> the execu#ion of this Agceeinent, which security must meet the requirements of <br /> Governjnent Cade sectian 66499.2 and Redwoad City Code Section 30.80 and be <br /> acceptable to t�e City Enginear. The secu rity shall secure payrnent to the contractor(s) <br /> and subcont�•actor{s) pe�•forming the Work and to all persons furnishing labo�•, materials <br /> or equipment to them. City shall retain the seci�rity unti� both (i) City accepts the Work <br /> ij� accordanee with Section 12.2 above and {ii) the statute of li�nitations to �ite ar� actian <br /> under Civil Code section 3114 et seq. has expired, The secu�•ity amount �nay �laereafter <br /> be red��ced or�•eleased by the City E��ginaer in acco�•dance with Section 14. <br /> (c) Warrantv Securit�r. Developer shail furnish and deliver wa�•ranty secut•ity <br /> in the amount of one hundred thousand dollars ($100,000.00), upon acceptance of the <br /> Impx'ovements and prio�•to release of the Performance Security. The security shall be in a <br /> form acceptable to the City Engineer and shall guarantee a3�d warrant the Work far a <br /> period of one (1} year following tl�e completian and acceptance thereof against any <br /> defective work o�•lahor done, or defective mate�•ials funiished. <br /> �3.2 If the impz•ovament security is a carparate suz�ety bond and, in th� opinian of the <br /> City, any surety or sureties thereon becatne insufficient,the Develaper shall renew or replace any <br /> sucl� surety with goad and sufficient surety or sureties within ten (lp) days after receivi�tg from <br /> City written deznand the�•eof. <br /> 13.3 Iinprovement security consisting of corpo�•ate surety bonds shall be kept on file <br /> with the City Engineet•. If a corpora�e surety bond is ceplaced by anothe�• approved bond, the <br /> replacementi shall be filed with the City E�gineer and made a part of and inco�porated inta this <br /> Agreement. Upon filing and app�•oval by the City Enginee�• a�a �•eplacement bond, the fo���er <br /> improvernent secui•ity shall be released. <br /> 13.4 Modifications of the Plans and related speci�eations, a�td madificati�ns of the <br /> Imp�•ovements,not exceeding ten percent(10%j of the origii�ai Estirr�a�ed Cost of Work, shall not <br /> relieve or release any impro�ement security furnished hy Developer p�rsuant to this Agreernent. <br /> If any such madificatiot�s excaed ten percent (10%} of t�e Estimated Cost of Work, Develo�er <br /> shal( fu�•nish additional improvement secui•ity for, performance, waz�a•anty, and payrrisnt, as <br /> req�zired by Sec�ion 13,1 above, foj' one hund�•ed percent{100%}af tlae�•evised Estimated Cost of <br /> Work. <br /> �3.� The City's app�•oved bond focros are attached he�'eto as Exhibits C and D. <br /> 14. Partial Reduction or Release of 1�n rovement Sece��•i . <br /> 14.1 1'ai�tial releases or reductions in the Deveioper's improvement secu�•ity may be <br /> a�thorized priot•to the City's acceptanee of all Improvements �•equired hereunder, as provided in <br /> this Section 14. <br /> 14.2 Upon acceptance af al( or auy specified category of the Ijnprovements by the <br /> City Councii and upon request of the Develapej•, the im�rovemant security inay be reduced or <br /> i•eleased as fallovvs: <br /> (a) Secucity for Performance: Un�ess Developer sub�nits new or additional <br /> seeurity in ar� amount ec�ual to ten percent (10%) of the Estiinated Total Cost of the <br /> ATTYIAGR12013.009151JBRIVISl01�IMPROVENfENT AGR��MEN�ONE MARiNA <br /> Fi�V:01-14-93 VR <br /> Page 5 of 15 ', <br />