|
<br />FAITHFUL PERFORMANCE BOND
<br />(Public Works)
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: that, WHEREAS, tna City of
<br />Redwood City ("City"), San Mateo County, State aT Califomia, has awardsdto
<br />Pacific Shores Development, LLC ,
<br />hereinafter designated as the "Principal", a Permit, the terms and provisions of which
<br />Permit are fncorporatsd herein by reference, for constructing the following
<br />project: Improvements of 1400 Seaport Boulevard (Lot 9) , and
<br />
<br />Bend N() 8660475
<br />Premium: ;'24,472.00
<br />Premium TeLrn: 2 years
<br />Subject To Renewal
<br />
<br />WHEREAS, said Principal is required under the terms of said Permit to fumish a
<br />bond for His faithful performance of said Permit;
<br />
<br />NOW, THEREFORE, we, tne Principal, and Developers Insurance Company
<br />as surety, are held
<br />and firmly bound unto City, San Mateo County,' Cal;~ornia, in the penai sum of
<br />Three Million Fifty-nine Thousand and NO/100---------------------- Dollars
<br />($3,059,000.00----), la'l..iul money of the United States, being one hundred percent
<br />(100%) of the Permit amount, for the payment of which sum well and trJiy to be made,
<br />we bind ourselves, our heirs, executors, aaministrators and successors, jointly and
<br />severally, firmly by these presents.
<br />
<br />iHE CONDITlON OF THIS OBLIGATION IS SUCH, that if the above bounden
<br />Principal, his or its heirs, executors, administrators, succassors or assigns, shall in 811
<br />things stand to and abide by, and well and truly keep and faithfully penorm the
<br />c::Jvenants, conditio:ls, and requirements in the said Permit and any alterations made
<br />as therein provided, on his or their part, to be kept and performed at the time and in the
<br />manner therein specified, ana in all respects according to their tr..lE Intent and meaning,
<br />and shall indemnify and save harmless City, its Council. Commissions, boards,
<br />committees, officars, employees and agents, as therein stIpulated, then this oDligat\on
<br />shail be null end void; otherwise it shall be end remain In full farce and effect.
<br />
<br />As a canditior! precedent to the satisfactory completion of the seid Permit: the
<br />.above obligation shall hald good far a period of ona (1) year after the completion and
<br />accaptancs of the said work, during which time if the above bounden Principal! his or
<br />Its heirs, eX8cutors, administrators, successors ar assigns shall faii to make full,
<br />complete and satisfactory repair and replacements or totally protect the said City from'
<br />less or damage made evident During said period of one (1) year from the date of
<br />acceptance OT said work, and resuiting from or caused by defective materials or faulty
<br />wor;r<;manship, in the prosecution of the worr< dene, the above obligation sr!sll be and
<br />remain in full force and effect.
<br />
<br />And the said Surety, for value recaived1 hereby stlpulates and agress to waJve
<br />the provisions of California Civil Code Section 2819 regaraing consent to change,
<br />extensicn of time, alteration, or addition to the terms af the Permit or to the work to be
<br />performsd thereunder or the Specifications accompanying the same s1"',all in any way
<br />affect its obligatioris on this bond; and it does hereby waive notice of any such change,
<br />
|