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O.C. - rdF-t! L8 UI 83
<br />ATTACHMENT "C„ Bond Number. K09164960
<br />FAITHFUL PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS: the City of Redwood City ("City"), San Mateo
<br />County, State of California, has issued an Encroachment Permit ("Permit") to
<br />SI XX, LLC , hereinafter designated as the
<br />"Principal", for constructing the following project: 1155 Broadway (Broadway CVS) offsite
<br />Improvements
<br />, and
<br />WHEREAS, said Principal is required under the terms of the Permit to furnish a bond forthe
<br />faithful performance of said Permit;
<br />NOW, THEREFORE, we, the Principal, and Federal Insurance Company as
<br />surety, are held and firmly bound unto City, in the penal sum of
<br />One Million Seven Hundred Forty One Thousand and 00N00 Dollars ($1,741,000.00—
<br />lawful money of the United States, being one hundred percent (100%) of the Permit amount, for
<br />the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors,
<br />administrators and successors, jointly and severally, firmly by these presents.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal, his or
<br />its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide
<br />by, and well and truly keep and faithfully perform the covenants, conditions, and agreements in
<br />the said Permit and any alterations made as therein provided, on his or their part, to be kept and
<br />performed at the time and in the manner therein specified, and in all respects according to their
<br />true intent and meaning, and shall indemnify and save harmless City, its Council,
<br />Commissioners, boards, committees, officers, employees and agents, as therein stipulated,
<br />then this obligation shall be null and void; otherwise it shall be and remain in full force and
<br />effect.
<br />The Surety hereby stipulates and agrees that no change, extension of time, alteration, or
<br />addition to the terms of the Permit or to the work to be performed thereunder or the
<br />specifications accompanying the same shall in anywise affect its obligations on this bond; and it
<br />does hereby waive notice of any such change, extension of time, alteration or addition to the
<br />terms of the Permit, or to the work, or to the specifications.
<br />As a part of the obligation secured hereby and in addition to the face amount specified therefor,
<br />there shall be included costs and reasonable expenses and fees, including reasonable
<br />attorney's fees, incurred by City in successfully enforcing such obligation, all to be taxed as
<br />costs and included in any judgment rendered.
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