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additional sum to be paid and agrees that the amount paysble shalt be incressed by ten percent(10'�0) in the event payment is not m�de within such ten(10)day period.Any p�rt of the Deposit or such additional sum or sums not utilized by City shall be returncd promptly to Developer. 1 L Cannnletion of Work. After Developer (a) completes the VVork in �ccordance with the Imgrovement Plans and the tern�s and conditions of this Agree�ent, (b) repaus any private ar public property damaged as a result of the Work or pays the full cost of such repair to the owner whose property was damaged �nd (c) abtains the written acceptance of such repair or payment from any owner whose private property was repaired by Develo�r or to whom Developer paid the full cost of such repair, Developer will provide City with a written notice of completion, together with copies of �tll written �cceptances. 12. Final Accentaztce. 12.1 Notice of Completion. Within thirty (3U) days of receipt of Developer's written notification pursnant to Section 11 above, the City Engineer sh$11 inspect the Work and repairs and revisw the wiitten acceptances, if any, and send Developer a rwritten notice�ting whether the Work �nd repairs are complete to the satisfaction of the City Engineer, in his reasonable discretion,and whether the written acceptances have been provided. If the Work and repairs are, in the opinion of the City Engineer, not eomplete and satisfactory, snd/or written acceptances have not been provided,the City Engineer will list the deficiencie$th�t must be caarected to find the Work and repairs complete and satisf�ctory. Upon satisfactory completian of th�Work and rep�irs �nd submittal of written �cceptances, the City Engineer will senti Developer � written notice of sarisfsctory completion. The requirement for written�ccepta�ces may be wstived by tbe City Engineer, in his reason�ble discretion, if Developer h�►s m�de eommercially reason�ble efforts to obtain s�h�cceptances. The City Engineer's failure to respond to Developer's written notificatton w+ithin thirty(30)days will not be deemed�breach ar defsult under this Agreement. 22.2 �A,cce�tance of Imnrovements. After sending Developer � written notice of satisfactory campletian pursuant to Section 12,1, the City Engineer will recammend�ccegtance of the Improvements to the City Council. The �ccept�nce of the Impmvements, offers af dedic�tian�nd right-of way,and easements(except�s expressly provicbed in Section 16 below),if any, sh�ll be by resolution of the City Council, with the matter pl�ced on the next available �genda for City Cauncil �ction. Upon City Council's adoption of such resoluti�, the City Engineer shall promptly record a notice, in � form to be approved by the City Attomey, in the Ufficial Records of S�n Mateo County. 13. Performance,Labor and Materials and Warranty Security. 131 In accordance with Chapter 30 of the Redwoai City Code, Developer will fumish�nd deliver to City,within the times set forth below,the following security,each of which must be issued by a surety company duly and regularly authorized to do general surety business in the State of California,or such other surety as may be acceptabk to the City Engineer. (a) �erformanoe Securitv. Develaper shall furnish and deliver performance security in the amount of Onc Million Seven Hundrod Fifty Thous�r►d Dollars and No/100 Dollars (51,750,0(}0.00), concurrently with the execution of ttris Agreement, which security must meet the requirements of Govemment Code scction 66499.1 and Redwood City Code Section 30.80 and be�cceptable to the City Engineer. The security shall be conditioned upon the faithful perform�nce of this Agreement with respect to the Work and sh�ll be released by City in accordance with Section 14 below upon final REV:03-14-14 VR Page 4 0#19 ATTY/AGR.20i4.034/One Mar�na Final Phase- Improvement Agreement