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Bond No. PB02762300070 <br /> Premium: Included in Performance Bond <br /> EXHIBIT C <br /> FORM OF PAYMENT BOND <br /> (SUBDIVISION) <br /> KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City"), County of San <br /> Mateo, State of California, and Fuller Street Partners, a California limited liability company, <br /> (hereinafter designated as "Principal"), have entered into a Subdivision Improvement Agreement <br /> dated , 20 ("Agreement"), the terms and conditions of which are incorporated <br /> herein by reference, whereby Principal agrees to install and complete certain designated public <br /> improvements for the following project: <br /> 601 Brewster - Palacio Apartments <br /> WHEREAS, under the terms of the Agreement, the Principal is required before entering upon <br /> the performance of the work, to file a good and sufficient payment bond with the the City to <br /> secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part <br /> 6 of Division 4 of the Civil Code of the State of California. <br /> NOW, THEREFORE, we, the Principal and Philadelphia Indemnity Insurance Company <br /> , organized and existing under the laws of the State of Pennsylvania, and duly <br /> licensed to trans surety business in the State of California, and authorized to execute bonds and <br /> undertaking as sole surety, as Surety, are held firmly bound unto the City and all contractors, <br /> subcontractors, laborers, materialmen, and other persons employed in the performance of the <br /> agreement and referred to in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of <br /> the Civil Code of the State of California in the sum of * Dollars <br /> ($ ** ), for materials furnished or labor thereon of any kind, or for amounts due under the <br /> Unemployment Insurance Act with respect to this work or labor, that the surety will pay the <br /> same in an amount not exceeding the amount hereinabove set forth, and also in case suit is <br /> brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable <br /> expenses and fees, including reasonable attorney's fees, incurred by City in successfully <br /> enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to <br /> be included in the judgment therein rendered. <br /> It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and <br /> all persons, companies, and corporations entitled to file claims under Title 3 (commencing with <br /> Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California, so as to give a <br /> right of action to them or their assignees in suit brought upon this bond. <br /> Should the condition of this bond be fully performed, then this obligation shall become null and <br /> void; otherwise it shall be and remain in full force and effect. <br /> This bond is executed and filed to comply with the provisions of the act of the Legislature of the <br /> State of California as designated in Civil Code Sections 9550-9566, inclusive, and all <br /> amendments thereto. <br /> The Surety hereby stipulates and agrees that no change, extension of time, alteration or <br /> addition to the terms of the Agreement or to the work to be performed thereunder or the <br /> *five hundred seventy-five thousand, eight hundred twenty-three & 40/100---- <br /> **$575,823.40 <br /> REV: 09-19-14 VR <br /> Page 16 of 19 <br /> ATTY/AGR.2014.187/Fuller Street Partners - 601 Brewster <br />