RecDoc 2020-065175 - Laserfiche WebLink

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Exhibit "C" FORM OF PAYMENT BOND (SUBDIVISION) WHEREAS: the City of Redwood City ("City"), County of San Mateo, State of California, and , (hereinafter designated as "Principal") have entered into a Subdivision Improvement Agreement dated 20_ ("Agreement"), the terms and conditions of which are incorporated herein by reference, whereby Principal agrees to install and complete certain designated public improvements for the following project: Broadway Plaza — Bay Block (CVS) WHEREAS, under the terms of the Agreement, the Principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the the City to secure the claims to which reference is made in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California. NOW, THEREFORE, we, the Principal and organized and existing under the laws of the State of and duly licensed to engage in surety business in the State of California, and authorized to execute bonds and undertaking as sole surety ("Surety") are held firmly bound unto the City and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California in the sum of Two Million, Eight Hundred Forty -One Thousand, Seven Hundred Twelve Dollars ($2,841,712.00), for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond will inure to the benefit of any and all persons, companies, and corporations entitled to file claims under Title 3 (commencing with Section 9000) of Part 6 of Division 4 of the Civil Code of the State of California, so as to give a right of action to them or their assignees in suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation will become null and void, otherwise it will be and remain in full force and effect. REV: 05-22-2020 PR ATTY/AGR.2020.082/Broadway Plaza - Bay Block (Page 22 of 25)