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6.2.A. - Page 35
<br />Exhibit C
<br />FORM OF PAYMENT BOND
<br />(SUBDIVISION)
<br />Bond Number: 0682739
<br />Premium: Included in Performance Bond.
<br />KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City"), County of San
<br />Mateo, State of California, and Premia South County, LLC , (hereinafter
<br />designated as "Principal') have entered into a Subdivision Improvement Agreement dated
<br />November 3 , 20158 ("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 />550 Allerton Street, Redwood City, CA
<br />[project name to be inserted]
<br />WHEREAS, under the terms of the Agreement, the Principal is required before entering upon
<br />the performance of the work, to file a good and sufficient payment bond with the the City to
<br />secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part
<br />6 of Division 4 of the Civil Code of the State of California.
<br />NOW, THEREFORE, we, the Principal and International Fidelity Insurance Company
<br />, organized and existing under the laws of the State of New Jersey, and duly
<br />licensed to trans surety business in the State of California, and authorized to execute bonds and
<br />undertaking as sole surety, as Surety, are held firmly bound unto the City and all contractors,
<br />subcontractors, laborers, materialmen, and other persons employed in the performance of the
<br />agreement and referred to in Title 3 (commencing withFSertior� .001 of Parr 6 of Division 4 of
<br />the Civil Code of the State of California in the sum of twaIrun�ieweig''�,'jy t free an�'f 0�Wd---- Dollars
<br />(497,283.40 ), for materials furnished or labor thereon of any kind, or for amounts due under the
<br />Unemployment Insurance Act with respect to this work or labor, that the surety will pay the
<br />same in an amount not exceeding the amount hereinabove set forth, and also in case suit is
<br />brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable
<br />expenses and fees, including reasonable attorney's fees, incurred by City in successfully
<br />enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to
<br />be included in the judgment therein rendered.
<br />It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and
<br />all persons, companies, and corporations entitled to file claims under Title 3 (commencing with
<br />Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California, so as to give a
<br />right of action to them or their assignees in suit brought upon this bond.
<br />Should the condition of this bond be fully performed, then this obligation shall become null and
<br />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 of the
<br />State of California as designated in Civil Code Sections 9550-9566, inclusive, and all
<br />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 />ATTYIAGRIFORM SUBDIVISION IMPROVEMENT AGREEMENT
<br />REV: 03-21-14 VR
<br />Page 16 of 19
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