AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

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7.A. - Page 150 of 176 EXHIBIT G-3 Form of Warrant WHEREAS: the City of Redwood City ("City"), HCP LS Redwood City, LLC, Metropolitan Life Insurance Company, and Seaport Centre Owners' Association, a California corporation (hereinafter designated as "Principal") have entered into a Levee Financing and Improvement Agreement dated , 2020 ("Agreement"), the terms and conditions of which are incorporated herein by reference, whereby Principal agrees to install and complete certain designated levee improvements for the following project: "Seaport Centre/Seaport Plaza"; and WHEREAS, said Principal is required under the terms of said Agreement to provide a warranty security. NOW, THEREFORE, duly licensed to transact we, the Principal and organized and existing under the laws of the State of surety business in the State of California and authorized of to execute bonds and undertaking as sole surety ("Surety") are hereby held and firmly bound unto the City in the amount of Dollars ($ ), for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if Principal (or its heirs, executors, administrators, successors, or assigns approved by the City) performs the covenants, conditions, and obligations of the warranty requirements of Subsection 13.1(c) of the Agreement, including the obligation to indemnify, defend, and hold harmless the City, set forth in Section 17 of the Agreement, then this obligation will become null and void; otherwise it shall be and remain in full force and effect. The Surety's obligation under this bond will remain in effect for a period of three (3) years from the date of the City's acceptance of said work. The Surety's obligation under this bond shall arise after the City has provided written notice to the Surety, at the address set forth below, of the Principal's default under the Agreement, and the Principal's failure to cure the default in accordance with the terms of the Agreement. The Surety hereby agrees, for value received, that its obligations under this bond will in no way be impaired or modified by any modification to the Agreement by the City and the Principal, and the Surety hereby waives notice of any such modification. In the event suit is brought upon this bond, the surety shall pay reasonable attorneys' fees and costs incurred by the prevailing parties in such suit, which fees and costs will be in addition to the face amount of the bond. IN WITNESS WHEREOF, the undersigned represent and warrant that they have the right, power, legal capacity, and authority to enter into and execute this document on behalf of the Principal and the Surety, and have caused this document to be executed by setting hereto their names, titles, and signatures. OAK #4819-4834-1908 v19 Exhibit G-3 332