AgdaPkt 2016-06-27 Closed and Joint SA PFA

Browse Search

ATTY/AGR.2016.159/CENTRUM OWNERS ASSOCIATION – IA EXHIBIT D REV: 06-22-16 JS Page 1 of 2 Exhibit D FORM OF WARRANTY BOND (SUBDIVISION WHEREAS, the City of Redwood City (“City”), County of San Mateo, State of California, and ___________________________________________, (hereinafter designated as “Principal”) have entered into a Subdivision Improvement Agreement dated _________________, 20__ (“Agreement”), the terms and conditions of which are incorporated herein by reference, whereby Principal agrees to install and complete certain designated public improvements for the following project: _____________________________________________________ [project name to be inserted] WHEREAS, said Principal is required under the terms of said Agreement to provide a warranty security. NOW, THEREFORE, we, the Principal and ________________________________of organized and existing under the laws of the State of ________________________, duly licensed to transact surety business in the State of California and authorized to execute bonds and undertaking as sole surety, as Surety, are hereby held and firmly bound unto the City in the amount of _________________ Dollars ($_________), for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents.. THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if principal (or its heirs, executors, administrators, successors, or assigns approved by the City) performs the covenants, conditions, and obligations of the warranty requirements of Section 13.1(c) of the Agreement, including the obligation to indemnify, defend, and hold harmless the City, set forth in Section 17, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. The Surety’s obligation under this bond shall hold good for a period of one (1) year from the date of the City’s acceptance of said work. The Surety’s obligation under this bond shall arise after the City has provided written notice to the Surety, at the address set forth below, of the Principal’s default under the Agreement, and the Principal’s failure to cure the default in accordance with the terms of the Agreement. The Surety hereby agrees, for value received, that its obligations under this bond shall in no way be impaired or modified by any modification to the Agreement by the City and the Principal, and the Surety hereby waives notice of any such modification. In the event suit is brought upon this bond, the surety shall pay reasonable attorneys’ fees and costs incurred by the prevailing parties in such suit, which fees and costs shall be in addition to the face amount of the bond. 6.1.K. - Page 32