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6.2.A. - Page 46
<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
<br />San Mateo, State of California, and , (hereinafter designated
<br />as "Principal') have entered into a Subdivision Improvement Agreement dated ,
<br />20 ("Agreement"), the terms and conditions of which are incorporated herein by reference,
<br />whereby Principal agrees to install and complete certain designated public improvements for the
<br />following project:
<br />[project name to be inserted]
<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 ,
<br />organized and existing under the laws of the State of and authorized to
<br />execute bonds and undertaking as sole surety in the State of California, as Surety, are held and
<br />firmly bound unto the City of Redwood City, County of San Mateo, State of California, in the
<br />penal sum of Dollars ($ ) lawful money
<br />of the United States, 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 these
<br />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,
<br />his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and
<br />abide by, and well and truly keep and faithfully perform the covenants, conditions and provisions
<br />in the said Agreement and any alteration thereof made as therein provided, on his or their part, to
<br />be 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
<br />full force and effect.
<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, including
<br />reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all to be
<br />taxed as costs and included in any judgment rendered.
<br />The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition
<br />to the terms of the Agreement or to the work to be performed thereunder or the specifications
<br />REV: 06-22-16 }S
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<br />ATTYIAGR.2016.159ICentrum Owners Association - IA
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