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<br /> 7. 1 .D. - Page 62
<br /> Exhibit E Bond No. DVIFSU0686057 •
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<br /> FORM OF WARRANTY BOND
<br /> (SUBDIVISION)
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<br /> WHEREAS, the City of Redwood City ("City"), County of San Mateo, State of California, and
<br /> Redwood City Jefferson, LLC , (hereinafter. designated as "Principal') have entered into a
<br /> Subdivision Improvement Agreement dated , 20 ("Agreement"), the terns 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 /> Jefferson and Franklin (103 Wilson) •
<br /> (project rune to be•insertedJ
<br /> WHEREAS, said Principal is required under the terms of said Agreement to provide a warranty
<br /> security.
<br /> NOW, THEREFORE, we, the Principal. and International Fidelity Insurance Company of :
<br /> Newark, NJ organized and existing under the laws of the State of NJ dilly
<br /> licensed to transact surety business in the State of California and authorized to execute bonds and
<br /> undertaking as sole sure, as Surety, are herebyheld and firmly bound -unto the City in the amount of
<br /> One Hundred Fifty Tree Thousand Nine undred @�
<br /> Seventy Two and 00/100 Dollars ($�53972.0a), for the payment of winch 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 /> 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 die warranty requirements of Section 14, 1(e) of the Agreement, including
<br /> the obligation to indemnify, defend, and hold harnleas the City, set forth in Section 18, then this
<br /> obligation shall beconie null and void; otherwise it shall be and remain in full force'and effect,
<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 /> 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 /> The Surety hereby agrees, for value received, -that its obligations juicier 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 /> In the event suit is brought upon this bond, the surety shall pity 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 /> 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 /> ATTYIAGW2015.107IGREYSTAR - 103 WILSON - IA WITH 1W CREDIT Page 26 01 27
<br /> REV 05-28-15 VR
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