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6.2.B. - Page 21 <br /> Exhibit C <br /> Form of Payment Bond <br /> PAYMENT 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 LMI Redwood Holdings, LLC, a Delaware limited liability <br /> company, (hereinafter designated as "Principal") have entered into a Subdivision Improvement <br /> Agreement dated , 20_ ("Agreement"), the terms and conditions of which are <br /> incorporated herein by reference, whereby Principal agrees to install and complete certain <br /> designated public improvements for the following project: <br /> Main and Marshall, 601 Main Street, Redwood City <br /> WHEREAS, under the terms of the Agreement, the Principal is required before entering <br /> upon the performance of the work, to file a good and sufficient payment bond with the City to <br /> secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part <br /> 6 of Division 4 of the Civil Code of the State of California. <br /> NOW, THEREFORE, we, the Principal and , a <br /> corporation and duly licensed to transact surety business in California and <br /> authorized to execute bonds and undertaking as sole surety, as Surety, are held firmly bound <br /> unto the City and all contractors, subcontractors, laborers, materialmen, and other persons <br /> employed in the performance of the agreement and referred to in Title 3 (commencing with <br /> Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California in the sum of <br /> Dollars($ ),for materials furnished or labor thereon of any <br /> kind, or for amounts due under the Unemployment Insurance Act with respect to this work or <br /> labor, that the Surety will pay the same in an amount not exceeding the amount hereinabove set <br /> forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount <br /> thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred <br /> by City in successfully enforcing this obligation, to be awarded and fixed by the court, and to be <br /> 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 <br /> amendments thereto. <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 /> ATTYIAGR12013.217/IMPROVEMENT AGR 601 MAIN ST <br /> REV:11-12-13 VR <br /> Page 17 of 24 <br />