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6.2.B. - Page 38 <br /> Executea in Duplicate Bond No. 0625708 <br /> WARRANTY BOND Premium: included in Per-f, Bond <br /> (SUBDIVISION) <br /> WHEREAS, the City of Redwood City ("City"), County of San Mateo, State <br /> of California, and LMI Redwood City Holdings, LLC , (hereinafter designated <br /> as "Principal") have entered into a Subdivision Improvement Agreement dated <br /> , 20 ("Agreement"), the terms and conditions of which are <br /> incorporated herein by reference, whereby Principal agrees to install and <br /> complete certain designated public improvements for the following project: <br /> Main & Marshall, 601 Main Street, Redwood City <br /> [project name to be inserted] <br /> WHEREAS, said Principal is required under the terms of said Agreement <br /> to provide a warranty security. <br /> NOW, THEREFORE, we, the Principal and International Fidelity Insurance <br /> Company of New Jersey organized and existing under the laws <br /> of the State of California and authorized to execute bonds and undertaking as <br /> sole surety, as Surety, are hereby held and firmly bound unto the City in the <br /> amount of $98,717.00, for the payment of which sum well and truly to be made, <br /> we bind ourselves, our heirs, successors, executors and administrators, jointly <br /> and severally, firmly by these presents.. <br /> THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if principal (or <br /> its heirs, executors, administrators, successors, or assigns approved by the City) <br /> performs the covenants, conditions, and obligations of the warranty requirements <br /> of Section 13.1(c) of the Agreement, including the obligation to indemnify, <br /> defend, and hold harmless the City, set forth in Section 17, then this obligation <br /> shall become null and void; otherwise it shall be and remain in full force and <br /> effect. <br /> The Surety's obligation under this bond shall hold good for a period of one (1) <br /> year from the date of the City's acceptance of said work. <br /> The Surety's obligation under this bond shall arise after the City has provided <br /> written notice to the Surety, at the address set forth below, of the Principal's <br /> default under the Agreement, and the Principal's failure to cure the default in <br /> accordance with the terms of the Agreement. <br /> The Surety hereby agrees, for value received, that its obligations under this bond <br /> shall in no way be impaired or modified by any modification to the Agreement by <br /> the City and the Principal, and the Surety hereby waives notice of any such <br /> modification. <br /> ATTY/TEMPLATESIFORM WARRANTY BOND(SUBDIVISION) <br /> REV: 10-16-13 VR <br />