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<br />Br-"\d No.: 158747301-
<br />I .nium: $2,106.JTerm
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<br />(j...
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<br />FAITHFUL PERFORMANCE BOND
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<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, the City of
<br />Redwood City ("City"), San Mateo County, State of California,
<br />and Flatirons Fundirlg, LP , hereinafter designated
<br />as the "Principal", have entered into a Contract, whereby
<br />Principal agrees to install and complete certain designated
<br />public improvements, which Contract, dated "
<br />and identified as , is hereby referred to and
<br />made a part hereof, and
<br />
<br />WHEREAS, said Principal is required under the terms of said
<br />Contract to furnish a bond for the faithful performance of said
<br />Contract;
<br />
<br />NOW, THEREFORE, we, the Principal ,and National Fire Insurance
<br />Company of Hartford 0 f San Bruno, CA , as
<br />surety, are held and firmly bound unto City, San Mateo County,
<br />California, in the penal sum of One Hundred Seventeen
<br />Thousand Five Hundred Four and No/l00ths - - - - - - - - - - - - - - - - - - - - 'Dollars
<br />($ 117,504.00 ), lawful money of the United States, being one
<br />hundred percent (100%) of the Contract amount, for the payment of
<br />which sum well and truly to be made, we bind ourselves, our
<br />heirs, executors, administrators and successors, jointly and
<br />severally, firmly by these presents.
<br />
<br />THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above
<br />bounden Principal, his or its heirs, executors, administrators,
<br />successors or assigns, shall in all things stand to and abide by,
<br />and well and truly keep and faithfully perform the covenants,
<br />conditions, and provisions in the said Contract and any
<br />alterations made as therein provided, on his or their part, to be
<br />kept and performed at the time and in the manner therein
<br />specified, and in. all respects according to their true intent and
<br />meaning, and shall indemnify and save harmless City, its Board
<br />members, boards, committees, officers, employees and agents, as
<br />therein stipulated, then this obligation shall be null and void;
<br />otherwise it shall be and remain in full force and effect.
<br />
<br />As a condition precedent to the satisfactory completion of
<br />the said Contract, the above obligation shall hold good for a
<br />period of one (1) year after the completion and acceptance of the
<br />said work, during which time if the above bounden Principal, his
<br />or its heirs, executors, administrators, successors or assigns
<br />shall fail to make full, complete and satisfactory repair and
<br />replacements or totally protect the said City from loss or damage
<br />made evident during said period of one (1) year from the date of
<br />acceptance of said work, and resulting from or caused by
<br />defective materials or faulty workmanship, in the prosecution of
<br />the work done, the above obligation shall be and remain in full
<br />force and virtue. '
<br />
<br />And the said Surety, for value received, hereby stipulates
<br />and agrees to waive the provisions of California Civil Code
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