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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
<br /> San Mateo, State of California, and , (hereinafter designated
<br /> as "Principal") have entered into a Subdivision Improvement Agreement dated
<br /> 20 ("Agreement"), the terms and conditions of which are incorporated herein by reference,
<br /> whereby Principal agrees to install and complete certain designated public improvements for the
<br /> following project:
<br /> [project name to be inserted]
<br /> WHEREAS, said Principal is required under the terms of said Agreement to furnish a bond for
<br /> the faithful performance of said Agreement;
<br /> NOW, THEREFORE, we, the Principal, and
<br /> organized and existing under the laws of the State of and authorized to
<br /> execute bonds and undertaking as sole surety in the State of California, as Surety, are held and
<br /> firmly bound unto the City of Redwood City, County of San Mateo, State of California, in the
<br /> penal sum of Dollars ($ ) lawful money
<br /> of the United States, for the payment of which sum well and truly to be made, we bind ourselves,
<br /> our heirs, successors, executors and administrators, jointly and severally, firmly by these
<br /> presents.
<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 Government Code Sections 66499 and 66499. 1 and all
<br /> amendments thereto.
<br /> THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal,
<br /> his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and
<br /> abide by, and well and truly keep and faithfully perform the covenants, conditions and provisions
<br /> in the said Agreement and any alteration thereof made as therein provided, on his or their part, to
<br /> be kept and performed at the time and in the manner therein specified, and in all respects
<br /> according to their true intent and meaning, and shall indemnify and save harmless 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
<br /> full 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, including
<br /> reasonable attorneys fees, incurred by City in successfully enforcing such obligation, all to be
<br /> taxed as costs and included in any judgment rendered.
<br /> The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition
<br /> to the terms of the Agreement or to the work to be performed thereunder or the specifications
<br /> REV: 06-22-16 JS
<br /> Page 1 of 2
<br /> ATTY/AGR.2016.159/Centrum Owners Association - IA
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