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Band Number: 3376(6.2.A. - Page 28 <br />Premium Is Included In Performance Band <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 Classic RWC 1856, L.P., a California limited <br />partnership, (hereinafter designated as `Principal") have entered into a Subdivision <br />Improvement Agreement dated _1, 2014 ("Agreement"), the terms and conditions <br />of which are incorporated herein by reference, whereby Principal agrees to install and <br />complete certain designated public improvements for the following project: <br />Classics At 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 <br />the City to secure the claims to which reference is made in Title 3 (commencing with <br />Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California, <br />NOW, THEREFORE, we, the Principal and Great America 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 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 Three Hundred Forty Three Thousand Five Hundred Seventy Seven Dollars <br />($343,577), for materials furnished or labor thereon of any kind, or for amounts due <br />under the Unemployment Insurance Act with respect to this work or labor, that the surety <br />will pay the same in an amount not exceeding the amount hereinabove set forth, and <br />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, <br />incurred by City in successfully enforcing this obligation, to be awarded and fixed by the <br />court, and to be 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 <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 />specifications accompanying the same shall in anywise affect its obligations on this <br />ATIWITMPI.ATES/FORM PAYMENT BOND (SUBDIVISION) <br />REV: 10-15-13 VR <br />