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6.C. - Page 35 of 57
<br />7J.D, - Page 62
<br />Exhibit B Bond No. DVIFSU0686057
<br />FORM OF WARRANTY BOND
<br />(SUBDI.VISION)
<br />M11-1ERE(AS, the City of Redwood City ("City„) County of Sari Mateo, State of California, and
<br />Redwood City Jefferson. LLC , (hereinafter. designated as "Principal") have entered into a.
<br />Subdivision Improvenient Agreement dated , 20_ ("Agreernerit"), the tering and
<br />Conditions of which are incorporated lieroin by reference, whereby Pt'incipal agrees to install and
<br />complete certain designated public improvements. for the following prgjecC
<br />Jefferson and Franklin 103 Wilson
<br />fpmjeet Haute to be hi s'ertedj
<br />WHEREAS, said Principal is required -under Clic terms of said Agreement to provide a wamuity
<br />security.
<br />NOVY, THERE FORE, we, the Nincipal. and International Fidelity Insurance Company of
<br />Newark, NJ organized and existing under the laws of the State of Nj _, drily
<br />licensed to transact surety business in the State of California and authorized to execute bonds and
<br />undertaking as sole sui-6v, as Surety, are hereby held and firmly bound unto the City in the aniauant of
<br />One Hundred Fifty Three Thousand Nine undyed
<br />Seyeaty Tvo and fl0/100 Dollars (. 53 972.09-- , for the payniont of which stur n well and truly to be
<br />made, eve bin.d ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly
<br />by these presents..
<br />THE CONDITION OF THIS OBLIGXr1ON IS SUCH THAT, if principal (or its heirs,
<br />executors, administrators, successors, or assigns approved by the City) perforans the Covenants,
<br />conditions, and obligations of the watranty requireruems of Section 14, l(c) of Clio Agreenxerlt, including
<br />the obligation to indem ify,. defend, and hold hannless the City, set forth in Section 19, then this
<br />obligation shall become null and void; otherwise it shall be acid remain in frill force and effect,
<br />The Surety's obligation under this bond shall hold good for a period of one (1) year from die.date of the
<br />City's acceptance of said work.
<br />The Surety's obligatimi tiulder this bond shall apse after the City has provided written notice to the Surety,
<br />at the address set forth below, of the Principal's default under the Agreement, and tate Principal's failure
<br />to cure the default in accordance with the terms of the- Agreement.
<br />The, Surety hereby agrees, for value received, that its obligafions in -der this bond shall in rio way be
<br />impaired or modified by any modification to the Agreement by the City and the PrincipAl, and the Surety
<br />heroby Fvaives notice of arty sucl-r niodifrcation.
<br />In the event suit is brought upon this bone], the surety shall prey reasortabl.e attorneys' flees and costs
<br />incurred by the prevailing parties in such suit, which fees and costs shrill be in addition to the face amount
<br />of the bond.
<br />IN i I'FNESS '4VIIEREOT, the -undersigned represent and warrant that they have the right,
<br />power., legal capacity, and author -sty to enter into and execute this document on behalf of the Principal and
<br />ATTYIAGRI2015.1071GRFYSTAR -103 WILSON - IA WITH TIF CREDIT Page 2B of 27
<br />REV, 05-28-15 VR
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