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Bond Number: 3✓6- — -Page 24
<br />Premium: $6,442.00
<br />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 Classic RWC 1856, L.P., a California limited
<br />partnership, (hereinafter designated as "Principal') have entered into a Subdivision
<br />Improvement Agreement dated -J1 �t��t ,t2014 ("Agreement"), the terms and conditions
<br />of which are incorporated herein by reference, whereby Principal agrees to install and
<br />complete certain designated public im provements for the following project:
<br />Classics At Redwood City
<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 Great American 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 Three Hundred
<br />Forty Three Thousand Five Hundred Seventy Seven Dollars ($343,577) lawful money of
<br />the United States, for the payment of which sum well and truly to be made, we bind
<br />ourselves, our heirs, successors, executors and administrators, jointly and severally,
<br />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 />condition precedent to the satisfactory completion of the said Agreement, the above
<br />obligation shall hold good for a period of one (1) year after the completion and
<br />acceptance of the said work, during which time if the above bounden Principal, his or its
<br />heirs, executors, administrators, successors or assigns shall fail to make full, complete
<br />and satisfactory repair and replacements or totally protect the said City from loss or
<br />ATTYrrEMPLATES/FORM FAITHFUL PERFORMANCE BOND (SUBDIVISION)
<br />REV: 16-15-13 VR
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