|
EXHIBIT G-3
<br />Form of Warranty Bond
<br />WHEREAS: the City of Redwood City ("City"), HCP LS Redwood City, LLC, Metropolitan
<br />Life Insurance Company, and Seaport Centre Owners' Association, a California corporation
<br />(hereinafter designated as "Principal") have entered into a Levee Financing and Improvement
<br />Agreement dated October 27, 2020 ("Agreement"), the terms and conditions of which are
<br />incorporated herein by reference, whereby Principal agrees to install and complete certain
<br />designated levee improvements for the following project: "Seaport Centre/Seaport Plaza"; and
<br />WHEREAS, said Principal is required under the terms of said Agreement to provide a warranty
<br />security.
<br />NOW, THEREFORE, we, the Principal and of
<br />organized and existing under the laws of the State of ,
<br />duly licensed to transact surety business in the State of California and authorized to execute
<br />bonds and undertaking as sole surety ("Surety") are hereby held and firmly bound unto the City
<br />in the amount of Dollars {j, for the payment of which sum
<br />well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators,
<br />jointly and severally, firmly by these presents.
<br />THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if Principal (or its heirs,
<br />executors, administrators, successors, or assigns approved by the City) performs the covenants,
<br />conditions, and obligations of the warranty requirements of Subsection 17(c) and Section 22 of
<br />the Agreement, including the obligation to indemnify, defend, and hold harmless the City, set
<br />forth in Section 18 of the Agreement, then this obligation will become null and void; otherwise it
<br />shall be and remain in full force and effect.
<br />The Surety's obligation under this bond will remain in effect for a period of three (3) years from
<br />the date of the City's acceptance of said work.
<br />The Surety's obligation under this bond shall arise after the City has provided written notice to
<br />the Surety, at the address set forth below, of the Principal's default under the Agreement, and the
<br />Principal's failure to cure the default in accordance with the terms of the Agreement.
<br />The Surety hereby agrees, for value received, that its obligations under this bond will in no way
<br />be impaired or modified by any modification to the Agreement by the City and the Principal, and
<br />the Surety hereby waives notice of any such modification.
<br />In the event suit is brought upon this bond, the surety shall pay reasonable attorneys' fees and
<br />costs incurred by the prevailing parties in such suit, which fees and costs will be in addition to
<br />the face amount of the bond,
<br />IN WITNESS WHEREOF, the undersigned represent and warrant that they have the right,
<br />power, legal capacity, and authority to enter into and execute this document on behalf of the
<br />Principal and the Surety, and have caused this document to be executed by setting hereto their
<br />names, titles, and signatures.
<br />OAK 44819-4834-1909 v20 Exhibit G-3
<br />
|