|
Exhibit "B"
<br />FORM OF FAITHFUL PERFORMANCE BOND
<br />(SUBDIVISION)
<br />WHEREAS: the City of Redwood City ("City'), County of San Mateo, State of
<br />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
<br />herein by reference, whereby Principal agrees to install and complete certain designated
<br />public improvements for the following project:
<br />Broadway Plaza — Bay Block (CVS)
<br />WHEREAS, said Principal is required under the terms of said Agreement to furnish
<br />a bond for the faithful performance of said Agreement;
<br />NOW, THEREFORE, we, the Principal, and
<br />, organized and existing under the laws of the
<br />State of and authorized to execute bonds and undertaking as sole surety in
<br />the State of California ("Surety") are held and firmly bound unto the City of Redwood City,
<br />County of San Mateo, State of California, in the penal sum of Two Million, Eight Hundred
<br />Forty -One Thousand, Seven Hundred Twelve Dollars ($2,841,712.00) lawful money of
<br />the United States, for the payment of which sum well and truly to be made, we bind
<br />ourselves, our heirs, successors, executors and administrators, jointly and severally,
<br />firmly by these presents.
<br />This bond is executed and filed to comply with the provisions of Government Code
<br />Sections 66499 and 66499.1 and all amendments thereto.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden
<br />Principal, his or its heirs, executors, administrators, successors or assigns, will in all
<br />things stand to and abide by, and well and truly keep and faithfully perform the covenants,
<br />conditions and provisions in the said Agreement and any alteration thereof made as
<br />therein provided, on his or their part, to be kept and performed at the time and in the
<br />manner therein specified, and in all respects according to their true intent and meaning,
<br />and will indemnify and hold harmless City, its Council, Commissioners, boards,
<br />committees, officers, agents and employees, as therein stipulated, then this obligation will
<br />become null and void; otherwise it will be and remain in full force and effect.
<br />As a part of the obligation secured hereby and in addition to the face amount specified
<br />therefor, there will be included costs and reasonable expenses and fees, including
<br />REV: 05-22-2020 PR
<br />ATTY/AGR.2020.082/Broadway Plaza - Bay Block (Page 20 of 25)
<br />
|