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7.3.A. - Page 20
<br /> . Exhibit B
<br /> ATTACHMENT "C"
<br /> FAITHFUL PERFORMANCE BOND
<br /> KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS,the City of Redwood City("City"),
<br /> San Mateo County, State of California, has issued a Construction Permit to
<br /> , hereinafter designated as the
<br /> "Principal", for constructing the following project:
<br /> , and
<br /> WHEREAS, said Principal is required under the terms of the permit to furnish a bond for the
<br /> faithful performance of said Permit;
<br /> NOW, THEREFORE, we, the Principal, and , as
<br /> surety, are held and firmly bound unto City, San Mateo County, California, in the penal sum of
<br /> Dollars ($ ),
<br /> lawful money of the United States,being one hundred percent(100%)of the Permit amount, for
<br /> the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors,
<br /> administrators and successors,jointly and severally,firmly by these presents.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH,that if the above bounden Principal, his or
<br /> Its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br /> by, and well and truly keep and faithfully perform the covenants, conditions, and agreements in
<br /> the said Permit and any alterations made as therein provided,on his or their part,to be kept and
<br /> performed at the time and in the manner therein specified, and in all respects according to their
<br /> true intent and meaning, and shall indemnify and save harmless City, its Council,
<br /> Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br /> then this obligation shall be null and void; otherwise it shall be and remain In full force and
<br /> virtue.
<br /> And the said Surety,for value received, hereby stipulates and agrees to waive the provisions of
<br /> California Civil Code Section 2819 regarding consent to change, extension of time,alteration, or
<br /> addition to the terms of the Permit or to the work to be performed thereunder or the
<br /> Specifications accompanying the same shall in any wise affect its obligations on this bond; and
<br /> it does hereby waive notice of any such change, extension of time, alteration or addition to the
<br /> terms of the Permit,or to the work,or to the Specifications.
<br /> In the event City, or its successors or assigns, shall be the prevailing party in an action brought
<br /> upon this bond,then,In addition to the penal sum hereinabove specified,we agree to pay to the
<br /> said City, or its successors or assigns, a reasonable sum on account of attorney's fees in such
<br /> action,which sum shall be fixed by the court.
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