Laserfiche WebLink
Page 25 <br /> 6.1.A. - <br /> Exhibit D <br /> FORM OF WARRANTY BOND <br /> WHEREAS, the City of Redwood City ("City"), County of San Mateo, State of <br /> California, and , (hereinafter designated <br /> as "Principal") have entered into an Improvement Agreement dated , <br /> 20 ("Agreement"), the terms and conditions of which are incorporated herein by <br /> reference, whereby Principal agrees to install and complete certain designated public <br /> improvements for the following project: <br /> 2075 Broadway <br /> WHEREAS, said Principal is required under the terms of said Agreement to <br /> provide a warranty security. <br /> NOW, THEREFORE, we, the Principal and of <br /> organized and existing under the laws of the State of <br /> duly licensed to transact surety business in the State of California and <br /> authorized to execute bonds and undertaking as sole surety, as Surety, are hereby held <br /> and firmly bound unto the City in the amount of Dollars <br /> ($ ), for the payment of which sum well and truly to be made, we bind ourselves, <br /> our heirs, successors, executors and administrators, jointly and severally, firmly by <br /> these presents.. <br /> THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if principal (or its <br /> heirs, executors, administrators, successors, or assigns approved by the City) performs <br /> the covenants, conditions, and obligations of the warranty requirements of Section <br /> 13.1(c) of the Agreement, including the obligation to indemnify, defend, and hold <br /> harmless the City, set forth in Section 17, then this obligation shall become null and <br /> void; otherwise it shall be and remain in full force and effect. <br /> The Surety's obligation under this bond shall hold good for a period of one (1) year from <br /> 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 written <br /> notice to the Surety, at the address set forth below, of the Principal's default under the <br /> Agreement, and the Principal's failure to cure the default in accordance with the terms <br /> of the Agreement. <br /> The Surety hereby agrees, for value received, that its obligations under this bond shall <br /> in no way be impaired or modified by any modification to the Agreement by the City and <br /> the Principal, and the Surety hereby waives notice of any such modification. <br /> REV:08-31-17 VR <br /> Page 21 o f 22 <br /> ATTY/AGR.2017.195/Lane-Broadway, LLC-9A <br />