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ATTY/AGR.2016.159/CENTRUM OWNERS ASSOCIATION - IA <br />REV: 06-22-16 JS <br />Page 1 of 2 <br />Exhibit C <br />FORM OF PAYMENT BOND <br />(Subdivision) <br />KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City (“City”), County of San <br />Mateo, State of California, and ___________________________________________, (hereinafter <br />designated as “Principal”) have entered into a Subdivision Improvement Agreement dated <br />_________________, 20__ (“Agreement”), the terms and conditions of which are incorporated <br />herein by reference, whereby Principal agrees to install and complete certain designated public <br />improvements for the following project: <br />_____________________________________________________ <br />[project name to be inserted] <br /> <br />WHEREAS, under the terms of the Agreement, the Principal is required before entering upon the <br />performance of the work, to file a good and sufficient payment bond with the City to secure the <br />claims to which reference is made in Title 3 (commencing with Section 9000) of Part 6 of Division <br />4 of the Civil Code of the State of California. <br />NOW, THEREFORE, we, the Principal and ___________________________________, <br />organized and existing under the laws of the State of ______________________, and duly licensed <br />to trans surety business in the State of California, and authorized to execute bonds and undertaking <br />as sole surety, as Surety, are held firmly bound unto the City and all contractors, subcontractors, <br />laborers, materialmen, and other persons employed in the performance of the agreement and <br />referred to in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of <br />the State of California in the sum of ________________________ Dollars ($__________), for <br />materials furnished or labor thereon of any kind, or for amounts due under the Unemployment <br />Insurance Act with respect to this work or labor, that the surety will pay the same in an amount <br />not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, <br />will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including <br />reasonable attorney's fees, incurred by City in successfully enforcing this obligation, to be awarded <br />and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. <br />It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all <br />persons, companies, and corporations entitled to file claims under Title 3 (commencing with <br />Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California, so as to give a <br />right of action to them or their assignees in suit brought upon this bond. <br />Should the condition of this bond be fully performed, then this obligation shall become null and <br />void, otherwise it shall be and remain in full force and effect. <br />This bond is executed and filed to comply with the provisions of the act of the Legislature of the <br />State of California as designated in Civil Code Sections 9550-9566, inclusive, and all amendments <br />thereto. <br />The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to <br />the terms of the Agreement or to the work to be performed thereunder or the specifications <br />6.1.K. - Page 30