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<br />F~THFULPERFORMANCEBOND
<br />(Public Works)
<br />
<br />KNOW ALL MEN 8Y THESE PRESENTS: that, WHEREAS, the City of
<br />Redwood City ("City")\ San Mateo County, State cf California, has awardsdta
<br />Pacific Shores Development, LLC ,
<br />hersinafter designated as the 11 Pr\ncipal", a Permit, the terms and provisions ':If which
<br />Permit are fncorporated herein by reference, for constructing the following
<br />project: Improvements at 1600 Seaport Boulevard (Lot 6) I and
<br />
<br />tend NQ 866046S
<br />emium: $22,816.00
<br />Premium Term: 2 years
<br />Subject to Renewal
<br />
<br />WHEREAS, said Principal is required under the terms of said Permit to fumish a
<br />bond ror Hie faithful performance of said Permit;
<br />
<br />NOW, THEREFORE, we, tns Principal, and Developers Insurance Company
<br />: as surety, are held
<br />and firmly bound unto Ci1Y, San Mateo County,. California, in the penai sum of
<br />Two Million Eiqht Himdred Fifty-two Thousand and NO/lOO------------ Dollars
<br />($ 2,852,000.Oo---~, lawful money of the United States, being one hundred percent
<br />(100%) of the Permit amount, for the payment or which sum well and truly to be mads,
<br />we bind ourselves, our hairs, executors, administrators and successors, jointly and
<br />severally, firmly by these presents,
<br />
<br />THE CONDITlON OF THIS OBLIGATION IS SUCH, that jf the above bounden
<br />Principal, his or its heirs, executors, administrators, successors or assigns, shall in ell
<br />things stand to and abide by, and weil and truly keeD and faithfully peMcrm the
<br />covenants, conditions, 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, ;and in all respects according to their ~rue intent and meaning,
<br />and shall indemnify and save harmless City, its Council, Commissions, boards,
<br />committees, officsrs, employees and agents, as therein stipulated, then this oaligation
<br />shall be nuil and void; otherwise it shall be end remain 'In full force and effect
<br />
<br />I
<br />As a condition precedent to the satisfactory completion of the said Permit, the
<br />above obligstion snail hold good Tor a period of one (1) year after tr.8 completion and
<br />acceptance of the said work, during which time if the above bounden Principa I, hie or
<br />its heirs, executors, administrators, successors or assigns shall faii to make full,
<br />complete and satisfactory repair and replacements or totally protect the said City from.
<br />loss or damage made evident during said period of one (1) year from the date of
<br />acceptance of said work, and resulting from or caused by defective materials or faulty
<br />workmanship, in the prosecu:ion of the worr< dene, the above obligation shall be and
<br />ramain in full force and effect. .
<br />
<br />And the said Surety, for value received, hereby stipulates and agrees to wajve
<br />the provisions crt California Civil Code Section 2819 regaroing Cons8nt to change,
<br />extensicn of time, alteration, or 2ddjtion to the terms of the Permit or to the work to be
<br />performed thereunder or the Specifications accompanying the same shall in any way
<br />affect its obligaticns an this bond; and it does hereby waive notice af any such change,
<br />
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