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7.1.A. - Page 34 <br /> Bond No.651115M <br /> **community property owners as to an undivided <br /> Exhibit D 75%interest and Albino A.Ravella and Antonia T.Ravella, <br /> Trustees of the 1983 Ravella Living Trust as to an <br /> FORM OF WARRANTY BOND undivided 25%interest <br /> (SUBDIVISION) <br /> WHEREAS, the City of Redwood City ("City"), County of San Mateo, State of <br /> California, and Joseib P.Ravella and Lisa Ravella husband and wife as** , (hereinafter designated <br /> as "Principal') have entered into a Subdivision improvement Agreement dated <br /> , 20 ("Agreement"), the terms and conditions of which are <br /> incorporated herein by reference, whereby Principal agrees to install and complete <br /> certain designated public improvements for the following project <br /> 1250 Edglewood Road <br /> WHEREAS, said Principal is required under the terms of said Agreement to <br /> provide a warranty security. <br /> NOW, THEREFORE, we, the Principal and Developers Surety and IndemnitvComnanpf <br /> organized and existing under the laws of the State of <br /> Iowa , duly licensed to transact surety business in the State of California and <br /> authorized to execute bonds and undertaking as sole surety, as Surety, are hereby held <br /> and firmly bound unto the City in the amount of Nineteen Thousand Four Hundred Sixty* Dollars *One and 45/100--- <br /> ($ 19,461.ip for the payment of which sum well and truly to be made, we bind ourselves, <br /> our heirs, successors, executors and administrators, jointly and severally, firmly by <br /> these presents.. <br /> THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if principal (or its <br /> heirs, executors, administrators, successors, or assigns approved by the City) performs <br /> the covenants, conditions, and obligations of the warranty requirements of Section <br /> 13.1(c) of the Agreement, including the obligation to indemnify, defend, and hold <br /> harmless the City, set forth in Section 17, then this obligation shall become null and <br /> void; otherwise it shall be and remain in full force and effect, <br /> • <br /> The Surety's obligation under this bond shall hold good for a period of one(1) year from <br /> the date of the City's acceptance of said work. <br /> The Surety's obligation under this bond shall arise after the City has provided written <br /> notice to the Surety, at the address set forth below, of the Principal's default under the <br /> Agreement, and the Principal's failure to cure the default in accordance with the terms <br /> of the Agreement. <br /> ATYY1AORIFORM SUBDIVISION IMPROVEMENT AGREEMENT <br /> REV;03.21»14 VR <br /> Page 19oE2G <br />