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2.1.4 Performance Bond. Developer will execute a performance bond to ensure <br />completion of the Improvements. The bond must be executed by a corporate surety in <br />accordance with the Chapter 2253 of the Texas Government Code. <br />2.1.5 Warranty. The contract with the contractor will provide for at least a one- <br />year warranty against defects in materials and workmanship. This warranty obligation <br />shall be covered by any performance or payment bonds required of the contractor under <br />the terms of the construction contract and this Agreement. <br />2.1.6 Completion and Acceptance. The date of completion shall be the date on <br />which the City accepts the Improvements in accordance with the City's applicable <br />ordinances, standards and processes and provides notice of such acceptance in writing to <br />the Developer. Prior to the City's acceptance of the Improvements, Developer shall, among <br />other applicable requirements, provide to the City a one-year warranty from the contractor <br />against defects in materials and workmanship in the Improvements and a notarized <br />affidavit stating that all bills for labor, materials, and incidentals incurred have been paid <br />in full, that any claims from manufacturers, materialmen and subcontractors have been <br />released, and that there are no claims pending of which Developer has been notified. <br />2.2 Cost Participation <br />2.2.1 Cost Participation Amount. The City is cost participating in the <br />Improvements in an amount not to exceed $850,247.85 for those portions of the work <br />additionally requested by the City as itemized in Exhibit "A." The Developer will be <br />responsible for paying the remainder of the costs for the Improvements. <br />2.2.2 Limits of Participation. Except as to the costs attributable to the oversizing <br />of the Improvements requested by the City, the City's cost participation shall not exceed <br />65 percent of the Developer's total contract price for the Improvements. <br />2.2.3 Application for Payment. The Developer shall submit a written application <br />for City participation payment after the City's acceptance of the Improvements. The <br />application for payment to the City shall be for the lesser of the amount of the actual costs <br />associated with the City's portion of the Improvements or the City's participation amount <br />as stated in paragraph 2.2.1. The application for payment shall be in a form acceptable to <br />City and must include a breakdown of actual costs of the Improvements with supporting <br />documentation, including all payment receipts and any other documentation reasonably <br />requested by the City to support the City's expenditure of public funds. <br />2.2.4 City Payment. Subject to all applicable ordinances, standards and <br />processes, the City will pay its participation funds in one payment within 30 days after <br />receipt of a complete (as determined by the City) written application for participation <br />payment from Developer. <br />2.2.5 Payments to Subcontractors and Suppliers. The Developer shall be solely <br />and exclusively responsible for compensating any of its contractors, employees, <br />subcontractors, materialmen and/or suppliers of any type or nature whatsoever and insuring <br />2 <br />