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Bond No. 070023243
<br />Premium Amount: $19,056.00
<br />Exhibit B
<br />FORM OF FAITHFUL PERFORMANCE BOND
<br />(SUBDIVISION)
<br />KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ('City"), County of San
<br />Mateo, State of California, and W. L. Butler Construction, Inc. , (hereinafter
<br />designated as "Principal") have entered into a Subdivision Improvement Agreement dated
<br />February 1- , 2017 ("Agreement°), the terms and conditions of Which are incorporated herein
<br />by reference, whereby Principal agrees to install and complete certain designated public
<br />improvements for the following project:
<br />7629 Main Street — W, L, Butler Buildinq
<br />WHEREAS, said Principal is required under the terms of said Agreement to furnish a bond for
<br />the faithful performance of said Agreement;
<br />NOW, THEREFORE, we, the Principal, and Liberty Mutual InsuranceComoanv
<br />organized and existing under the laws of the State of Massachusetts and authorized to execute
<br />bonds and undertaking as sole surety in the State of California, as Surety, are held and firmly
<br />bound unto the City of Redwood City, County of San Mateo, State of California, in the penal
<br />Slat Of Finht Hi indrPrl RPvr nh, T,yg Thousand FIyn H1mdre� Sin and n0(inn Dollars ($ 872,507.00 ) lawful
<br />money of 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, firmly by
<br />these presents -
<br />This bond is executed and filed to comply with the provisions of the act of the Legislature of the
<br />State of California as designated in Government Code Sections 66499 and 66499.1 and all
<br />amendments thereto.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal, his or
<br />its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br />by, and well and truly keep and faithfully perform the covenants, conditions and provisions in the
<br />said Agreement and any alteration thereof made as therein provided, on his or their part, to be
<br />kept and performed at the time and in the manner therein specified, and in all respects
<br />according to their true intent and meaning, and shall Indemnify and save harmless City, its
<br />Council, Commissioners, boards, committees, officers, agents and employees, as therein
<br />stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full
<br />farce and affect -
<br />As a part of the obligation secured hereby and in addition to the face amount specified therefor,
<br />there shall be included there shall be included costs and reasonable expenses and fees,
<br />including reasonable attorney's fees, incurred by City in successfully enforcing such obligation,
<br />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 t1e
<br />specifications accompanying the same shall in anywise affect its obligations on this bond, and it floes
<br />ATTY/AGR/2017,029/1629 MAIN STREET—SUBDIVISION IMPROVEMENT
<br />REV: 02-06-17 PR
<br />Page 22 of 27
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