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<br /> Premium: $2,148.00 Bond No: 4396748
<br /> Exhibit B
<br /> FORM OF FAITHFUL PERFORMANCE BOND
<br /> (SUBDIVISION)
<br /> KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City°), County of San
<br /> M8te0, 8�t2 of California, 811d Michael Ceschin, Nicholas Ceschin and Belinda Ceschin� (hereinafter
<br /> designated as "Principal") have entered into a Subdivision improvement Agreement dated
<br /> April 15 , 2015("Agreement"),the terms and conditions of which are incorporated herein
<br /> by reference, whereby Principal agrees to install and complete certain designated public
<br /> improvements for the following project: �
<br /> j10S2 Second Ave]
<br /> WHEREA3, said Principal is required under the terms of said Agreement to furnish a bond for
<br /> the faithfu(performance of said Agreement;
<br /> NOW, THEREFORE, we, the Principal, and SureTec Insurance Company ,
<br /> organized and existing under the laws of the State of Texas and authorized to execute
<br /> bonds and undertaking as sole surety in the State of Califomia, as Surety, are held and firmly
<br /> bound unto the City of Redwood City, County of San Mateo, State of California, in the penal
<br /> SU171 Of Eighty-Five Thousand Nine Hundred Thirty-Nine and 50/100 DOIIafS ($85,939.50 ) IaVVfUI
<br /> money of the United States, for the payment of which sum well and truly to be made, we bind
<br /> ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by
<br /> these presents.
<br /> This bond is executed and filed to comply with the provisions of the act of the Legislature of the
<br /> State of Califomia as designated in Govemment Code Sections 66499 and 66499.1 and all
<br /> amendments thereto.
<br /> THE CONDITION OF THIS OBLtGAT10N tS 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 faifhfully perform the covenants, conditions and provisions in the
<br /> said Agreement and any alteration thereof made as therein provided, on his or their part, to be
<br /> kept and performed at the time and in the manner therein speci�ed, and in all respects �
<br /> according to their true intent and meaning, and shall indemnify and save harmisss City, its
<br /> Council, Commissioners, boards, committees, officers, agents and employees, as therein
<br /> stipulated,then this obligation shall become null and void; otherwise it shall be and remain in full
<br /> force and efFect.
<br /> As a part of the obligation secured hereby and in addition to the face amount specified therefor,
<br /> there shall be included there shall be included costs and reasonable expenses and fees,
<br /> including reasonable attorney's fees, incurred by City in successfully enforcing such obligation,
<br /> all to be taxed as costs and included in any jndgment rendered.
<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 /> specifications accompanying the same shall in anywise affect its obligations on this bond, and it
<br /> REV:04-09-15 VR
<br /> Page.14 of19 '
<br /> ATTY/AGR.2045.064/1092 2nd Ave-Improvement Agreement
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