|
6.2.B. - Page 34
<br /> Executed in Duplicate Bond No. 0625708
<br /> Premium: $14,808.0 initial
<br /> 2-year term,subject to annual
<br /> FAITHFUL PERFORMANCE BOND renewal premium thereafter
<br /> (SUBDIVISION)
<br /> KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City"), County of
<br /> San Mateo, State of California, and LMI Redwood City Holdings, LLC , (hereinafter
<br /> designated as "Principal") have entered into a Subdivision Improvement Agreement
<br /> dated , 20_ ("Agreement"), the terms and conditions of which are
<br /> incorporated herein by reference, whereby Principal agrees to install and complete
<br /> certain designated public improvements for the following project:
<br /> Main & Marshall 601 Main Street Redwood Cit
<br /> [project name to be inserted]
<br /> WHEREAS, said Principal is required under the terms of said Agreement to furnish a
<br /> bond for the faithful performance of said Agreement;
<br /> NOW, THEREFORE, we, the Principal, and International Fidelity Insurance Company,
<br /> organized and existing under the laws of the State of California and authorized to
<br /> execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto
<br /> the City, County of San Mateo, State of California, in the penal sum of Nine hundred
<br /> eighty seven thousand one hundred sixty seven and 00/100 Dollars ($ 987,167.00 )
<br /> lawful money of the United States, for the payment of which sum well and truly to be
<br /> made, we bind ourselves, our heirs, successors, executors and administrators, jointly
<br /> and severally, firmly by these presents.
<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 Government Code Sections 66499 and 66499.
<br /> and all 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
<br /> to and abide by, and well and truly keep and faithfully perform the covenants, conditions
<br /> and provisions in the said Agreement and any alteration thereof made as therein
<br /> provided, on his or their part, to be kept and performed at the time and in the manner
<br /> therein specified, and in all respects according to their true intent and meaning, and shall
<br /> indemnify and save harmless City, its Council, Commissioners, boards, committees,
<br /> officers, agents and employees, as therein stipulated, then this obligation shall become
<br /> null and void; otherwise it shall be and remain in full force and effect.
<br /> As a part of the obligation secured hereby and in addition to the face amount specified
<br /> therefor, there shall be included there shall be included costs and reasonable expenses
<br /> and fees, including reasonable attorney's fees, incurred by City in successfully enforcing
<br /> such obligation, all to be taxed as costs and included in any judgment rendered.
<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 /> specifications accompanying the same shall in anywise affect its obligations on this
<br /> bond, and it does hereby waive notice, and the provisions of California Civil Code
<br /> Section 2819 to the extent applicable.
<br /> ATTY/TEMPLATES/FORM FAITHFUL PERFORMANCE BOND(SUBDIVISION)
<br /> REV: 10-16-13 VR
<br />
|