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<br />Exhibit E <br /> <br />FORM OF WARRANTY BOND <br />(SUBDIVISION) <br /> <br /> <br />WHEREAS, the City of Redwood City (“City”), County of San Mateo, State of California, and <br />_____________________________________, (hereinafter designated as “Principal”) have entered into a <br />Subdivision Improvement Agreement dated _____________, 20__ (“Agreement”), the terms and <br />conditions of which are incorporated herein by reference, whereby Principal agrees to install and <br />complete certain designated public improvements for the following project: <br /> <br />_________________________________________________________________ <br />[project name to be inserted] <br /> <br />WHEREAS, said Principal is required under the terms of said Agreement to provide a warranty <br />security. <br /> <br />NOW, THEREFORE, we, the Principal and ________________________ of <br />_____________________ organized and existing under the laws of the State of ____________, duly <br />licensed to transact surety business in the State of California and authorized to execute bonds and <br />undertaking as sole surety, as Surety, are hereby held and firmly bound unto the City in the amount of <br />________________________ Dollars ($______), for the payment of which sum well and truly to be <br />made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly <br />by these presents.. <br /> <br />THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if principal (or its heirs, <br />executors, administrators, successors, or assigns approved by the City) performs the covenants, <br />conditions, and obligations of the warranty requirements of Section 14.1(c) of the Agreement, including <br />the obligation to indemnify, defend, and hold harmless the City, set forth in Section 18, then this <br />obligation shall become null and 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 the date of the <br />City’s acceptance of said work. <br /> <br />The Surety’s obligation under this bond shall arise after the City has provided written notice to the Surety, <br />at the address set forth below, of the Principal’s default under the Agreement, and the Principal’s failure <br />to cure the default in accordance with the terms of the Agreement. <br /> <br />The Surety hereby agrees, for value received, that its obligations under this bond shall in no way be <br />impaired or modified by any modification to the Agreement by the City and the Principal, and the Surety <br />hereby waives notice of any such modification. <br /> <br />In the event suit is brought upon this bond, the surety shall pay reasonable attorneys’ fees and costs <br />incurred by the prevailing parties in such suit, which fees and costs shall be in addition to the face amount <br />of the bond. <br /> <br />IN WITNESS WHEREOF, the undersigned represent and warrant that they have the right, <br />power, legal capacity, and authority to enter into and execute this document on behalf of the Principal and <br />ATTY/AGR/2015.107/GREYSTAR - 103 WILSON - IA WITH TIF CREDIT <br />REV: 05-28-15 VR <br />Page 26 of 27 <br />7.1.D. - Page 62