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, � , <br /> . � <br /> issued by a surety company duly and regularly autharized to do general surety business in the State <br /> of California,or such other surety as may be acceptable to the City Engineer("Surety Company"). <br /> (a) Performance Securitv. Developer shall furnish and deliver performance <br /> security in the amount of Nine Hundred and Nine Hundred and Eighty Seven Thousand <br /> One Hundred and Sixty Seven Dollars ($987,167.00), concurrently with the execution of <br /> this Ageement, which security must meet the requirements of Government Code section <br /> 66499.1 and Redwood City Code Section 30.80 and be acceptable to the City Engineer. <br /> The security shall be conditioned upon the faithful performance of this Agreement with <br /> respect to the Work and shall be released by City in accordance with Section 14 below <br /> upon final acceptance of the Improvements as described in Section 12.2 and Developer's <br /> delivery of the Warranty Security described in Section 13.1(c). <br /> (b) Pavment Securitv. Developer shall furnish and deliver labor and materials <br /> security in the amount of Nine Hundred and Eighty Seven Thousand One Hundred and <br /> Sixty Seven Dollars ($987,167.00), concurrently with the execution of this Ageement, <br /> which security must meet the requirements of Government Code section 66499.2 and <br /> Redwood City Code Section 30.80 and be acceptable to the City Engineer. The security <br /> shall secure payment to the contractor(s)and subcontractar(s)performing the Work and to <br /> all persons furnishing labor,materials or equipment to them. City shall retain the security <br /> until City accepts the Wark in accordance with Section 12.2 above. The security amount <br /> may thereafter be reduced or released by the City Engineer in accordance with Section 14. <br /> (c) Warranty Securit� Developer shall furnish and deliver warranty security <br /> in the amount of Ninety Eight Thousand Seven Hundred and Seventeen Dollars <br /> ($98,717.00),upon acceptance of the Improvements and prior to release of the Performance <br /> Security. The security shall be in a form acceptable to the City Engineer and shall <br /> guarantee and warrant the Work for a period of one(1)year following the completion and <br /> acceptance thereof against any defective wark or labar done, ar defective materials <br /> furnished. <br /> 13.2 If the improvement security is a corporate surety bond and, in the opinion of the <br /> City, any surety ar sureties thereon become insufficient,the Developer shall renew ar replace any <br /> such surety with good and sufficient surety or sureties within thirty(30)days after receiving from <br /> City written demand thereof. <br /> 133 Improvement security consisting of corporate surety bonds shall 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 of and incorporated into this <br /> Agreement. Upon filing and approval by the City Engineer of a replacement bond, the former <br /> improvement security shall be released. <br /> 13.4 Modifications of the Plans and related specifications, and modifications of the <br /> Improvements,not exceeding ten percent(10%) of the original Estimated Cost of Work, shall not <br /> relieve or release any improvement security furnished by Developer pursuant to this Agreement. <br /> If any such modifications exceed ten percent(10%)of the Estimated Cost of Work,Developer shall <br /> furnish additional improvement security for, performance, warranty, and payment, as required by <br /> Section 13.1 above,for one hundred percent(100%)of the revised Estimated Cost of Work. <br /> 13.5 The City's approved bond forms are attached hereto as E�ibits B,C and D. <br /> ATTY/AGR/2013.217/IMPROVEMENT AGR 601 MAIN ST <br /> REV: 11-12-13 VR <br /> Page 5 of 24 <br />