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<br />EXHIBIT E
<br />
<br />PERFORMANCE BOND
<br />
<br />WHEREAS, the City of Redwood City ("City"), San Mateo County, State of
<br />California, has entered into an agreement entitled, "Agreement For the Funding
<br />of Off-Site Roadway Improvements (Irvine Apartment Communities Residential
<br />Marina Project," (form dated 02/07/00; the "Agreement") with Irvine Apartment
<br />Communities, LP., a Delaware Limited Partnership ("Principal") for the funding
<br />of traffic mitigation measures in connection with the development of the project
<br />know as the Irvine Apartment Communities Residential Marina Project, located in
<br />the City of Redwood City, California, the terms and provisions of which
<br />Agreement are incorporated herein by reference as if fully set forth; and
<br />
<br />WHEREAS, said Principal has the option pursuant to section 2.05 of the
<br />Agreement to furnish a bond in lieu of cash for the faithful performance of certain
<br />terms and conditionsof the Agreement; and
<br />
<br />WHEREAS, Principal desires to furnish this Performance Bond to guarantee the
<br />faithful performance by Principal of the payment of all amounts due by Owner for
<br />the construction of an "Emergency Access," as said term is define in the
<br />Agreement, according to the terms and conditions of said Agreement.
<br />
<br />NOW, THEREFORE, we, the Principal, and , as
<br />surety, are held and firmly bound unto City, San Mateo County, California, for a
<br />period of Seven (7) years, commencing on the Effective Date, as said term is
<br />defined and determined in Section 1.01 of the Agreement, in the penal sum of
<br />Two Hundred Eighty Five Thousand Eight Hundred Eighty and NO/100 Dollars
<br />($285,880.00), lawful money of the United States, for the payment of which sum
<br />well and truly to be made, we bind ourselves, our heirs, executors, administrators
<br />and successors, jointly and severally, firmly by these presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bounden
<br />Principal, his or its heirs, executors, administrators, successors or assigns, shall
<br />in all things stand to and abide by, and well and truly keep and faithfully perform
<br />the covenants, conditions, and agreements of the Agreement as said covenants,
<br />conditions and agreements pertaining to the Principal's share of the cost of the
<br />construction of the Emergency Accesspayment and the obligations guaranteed
<br />by this Performance Bond and any alterations made as therein provided, on his
<br />or their part, to be kept and performed at the time and in the manner therein
<br />specified, and in all respects according to their true intent and meaning, and
<br />shall indemnify and save harmless City, its Council, Commissioners, boards,
<br />committees, officers, employees and agents, as therein stipulated, then this
<br />obligation shall be null and void; otherwise it shall be and remain in full force and
<br />virtue.
<br />PERFORMANCE BOND
<br />Sh/rwc/forms
<br />IACperf,doc
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