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6.2.B. - Page 29 <br /> Executed in Duplicate Bond No.0625708 <br /> Premium: included in Perf. 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 City Holdings, Inc.,, (hereinafter <br /> designated as "Principal") have entered into a Subdivision Improvement Agreement <br /> dated , 20_ ("Agreement"), the terms and conditions of which are <br /> incorporated herein by reference, whereby Principal agrees to install and complete <br /> certain designated public improvements for the following project: <br /> • <br /> Main & Marshall, 601 Main Street, Redwood City <br /> [project name to be inserted] <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 <br /> City to secure the claims to which reference is made in Title 3 (commencing with Section <br /> 9000) of Part 6 of Division 4 of the Civil Code of the State of California. <br /> NOW THEREFORE, we, the Principal and International Fidelit Insurance Conn Ban , <br /> organized and existing under the laws of the State of California, and authorized to <br /> execute bonds and undertaking as sole surety, as Surety, are held firmly bound unto the <br /> 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 <br /> with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California in <br /> the sum of Nine hundred eighty seven thousand one hundred sixty seven and 00/100 <br /> Dollars ($987,167.00), for materials furnished or labor thereon of any kind, or for <br /> amounts due under the Unemployment Insurance Act with respect to this work or labor, <br /> that the surety will pay the same in an amount not exceeding the amount hereinabove <br /> set forth, and also in case suit is brought upon this bond, will pay, in addition to the face <br /> amount thereof, costs and reasonable expenses and fees, including reasonable <br /> 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 <br /> therein rendered. <br /> It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of <br /> any and all persons, companies, and corporations entitled to file claims under Title 3 <br /> (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of <br /> California, so as to give a right of action to them or their assignees in suit brought upon <br /> this bond. <br /> Should the condition of this bond be fully performed, then this obligation shall become <br /> null and 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 <br /> of the State of California as designated in Civil Code Sections 3247-3252, inclusive, and <br /> all amendments thereto. <br /> The Surety hereby stipulates and agrees that no change, extension of time, alteration or <br /> addition to the terms of the Agreement or to the work to be performed thereunder or the <br /> ATTY/TEMPLATES/FORM PAYMENT BOND(SUBDIVISION) <br /> REV: 10-15-13 VR <br />